Ferro prolongs tender offer for 6.5% convertibles due 2013 to Aug. 30

By Jennifer Chiou

New York, Aug. 23 - Ferro Corp. announced the extension of the tender offer for its $172.5 million of 6.5% convertible senior notes due 2013.

The tender offer will now expire at midnight ET on Aug. 30, extended from Aug. 23. It began on July 27.

As of the prior deadline, holders had tendered $100,492,000 of the notes.

The extension will allow the company more time to meet the offer's conditions, which include the successful completion of a notes offering and Ferro's entry into the new credit facility. Closing for the offering and loan is anticipated for Tuesday.

The company is offering 103, up from 101, plus accrued interest up to but excluding the settlement date.

In connection with the tender offer, Ferro plans to offer $250 million principal amount of senior notes and enter into the new facility. The offer is also conditioned on the availability of funds.

Previously, the offer required either entry into the new facility or an amendment to, or its receipt of a waiver under, its existing credit facility.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the dealer manager for the tender offer, and Global Bondholder Services Corp. (866 873-7700) is the information agent.

Ferro is a Cleveland-based supplier of technology-based performance materials for manufacturers.

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