Ferro closes new issue, loan needed to fund convertibles tender offer

By Susanna Moon

Chicago, Aug. 24 - Ferro Corp. said it satisfied the financing conditions in the tender offer for its $172.5 million of 6.5% convertible senior notes due 2013.

The tender offer was conditioned upon the completion of a senior notes offering and entry into a new credit facility, both of which occurred on Aug. 24, according to a company press release.

Ferro priced $250 million of eight-year senior notes on Aug. 5 at par to yield 7 7/8%.

The tender offer will expire at midnight ET on Aug. 30. It began on July 27.

As of Aug. 23, holders had tendered $100,492,000 of the convertibles.

The company is offering 103, up from 101, plus accrued interest up to but excluding the settlement date, which is expected to be Aug. 31.

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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