| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Allis-Chalmers acquires $74.76 million 9%, 8½% notes in tender offer
By Susanna Moon
Chicago, June 29 - Allis-Chalmers Energy Inc. said it accepted $30,562,000 principal amount, or 12%, of its 9% senior notes due Jan. 15, 2014 and $44,200,000 principal amount, or 17.7%, of its 8½% senior notes due March 1, 2017.
The offer expired at 5 p.m. ET on June 26. The early participation deadline was also June 26.
On May 20 Allis-Chalmers announced the cash tender offer for up to $100 million of its $255 million of 9% notes and up to $25 million of its $250 million of 8½% notes.
The company said on June 3 that it amended the amount of notes it will purchase. The company will buy up to $50 million of the 8½% notes, up from $25 million, and $75 million of the 9% notes, down from $100 million.
The purchase prices were determined using a modified Dutch auction procedure.
For each $1,000 principal amount, the company will pay $650 for the 9% notes and $600 for the 8½% notes, including a $20.00 early participation payment.
The total consideration was determined using a base price plus a clearing premium of less than $80.00.
The company paid $46,385,300 plus accrued interest to, but not including, June 29.
As previously announced, Allis-Chalmers obtained the funds for the purchase from a recently completed backstopped rights offering and private placement of convertible preferred stock of $125.6 million.
Allis-Chalmers said it also will pay accrued interest to the settlement date.
RBC Capital Markets Corp. (212 618-2204) is the dealer manager. Global Bondholder Services Corp. (866 470-3600 or call collect 212 430-3774) is the information agent and depositary.
Allis-Chalmers Houston-based oilfield services company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.