Columbus McKinnon gets tenders for $100.78 million 8 7/8% notes so far

By Angela McDaniels

Tacoma, Wash., Jan. 25 - Columbus McKinnon Corp. had received tenders and consents for $100,783,000 principal amount, or 80.72%, of its $124,855,000 of 8 7/8% senior subordinated notes due 2013 as of Jan. 24, according to a company news release.

A tender offer and consent solicitation for the notes began on Jan. 10, and the consent deadline was 5 p.m. ET on Jan. 24.

The consents received so far are enough to amend the indenture governing the notes. The amendments will eliminate substantially all of the restrictive and reporting covenants, some events of default and certain other provisions in the indenture.

The offer will end at midnight ET on Feb. 7.

Holders who tendered by the consent deadline received $1,026 per $1,000 principal amount plus accrued interest up to but excluding the settlement date, which was Jan. 25. This included a consent payment of $30 per note.

Those who tender after the consent deadline but prior to the offer expiration will receive $996 per $1,000 principal amount of notes plus accrued interest.

Columbus McKinnon is funding the offer with the proceeds from a $150 million issue of 7 7/8% eight-year senior subordinated notes, which priced Jan. 13, and with other available funds.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the dealer manager. The information agent and depositary is D.F. King & Co., Inc. (call collect 212 269-5550 or 888 628-1041).

Columbus McKinnon is an Amherst, N.Y.-based designer and manufacturer of material handling products.

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