UCI International begins tender offer, consent bid for PIK floaters

By Susanna Moon

Chicago, Jan. 5 - UCI International, Inc. said it began a tender offer and consent solicitation for its floating-rate senior pay-in-kind notes due 2013.

UCI will pay $1,013.75 per $1,000 principal amount for notes tendered by 5 p.m. ET on Jan. 19, including a consent payment of $30.00 per $1,000 principal amount.

Holders who tender after the consent date will receive $983.75 per $1,000 principal amount.

The tender offer will end at 8 a.m. ET on Feb. 3.

The company also will pay accrued interest up to but not including the settlement date, which is expected to be Jan. 31.

UCI International is also seeking consents to amend the notes to eliminate some covenants and related provisions.

The tender offer is being run in connection with the proposed merger of Uncle Acquisition 2010 Corp., an indirect wholly owned subsidiary of UCI Holdings Ltd., into UCI International, with UCI International continuing as the surviving corporation and an affiliate of Rank Group.

UCI said it plans to call all remaining notes after the acquisition.

Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the dealer manager. D.F. King & Co., Inc. (800 714-3312 or collect 212 269-5550) is the information agent.

The issuer is an Evansville, Ind.-based aftermarket vehicle parts supplier.

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