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Exide wraps tender offer for 10½% notes, settles $209,000 more notes
By Susanna Moon
Chicago, Feb. 8 - Exide Technologies said it received tenders for $276,278,000 principal amount, or 95.27%, of its 10½% senior secured notes due 2013 as of midnight ET on Feb. 7, the expiration date.
The company said it paid on Feb. 8 for the $209,000 of notes tendered after the early date.
The offer began on Jan. 10.
Exide noted on Jan. 25 that it obtained the needed consents to amend the notes after getting early tenders for $276,069,000, or 95.2%, of the notes as of 5 p.m. ET on Jan. 24.
The consents were solicited to amend the notes to eliminate substantially all of the restrictive covenants and some events of default and related provisions, release all collateral securing the notes and eliminate provisions relating to collateral.
The company paid $1,014 for each $1,000 principal amount of notes, including a consent payment of $14, tendered by the consent deadline.
Noteholders also received accrued interest up to but excluding the payment date.
The tender and the consent solicitation were subject to the receipt of early consents for least 75% of the outstanding notes not owned by the company or its affiliates and the receipt of enough financing to repurchase the notes.
Exide priced $675 million of seven-year senior secured notes on Jan. 13 at par to yield 8 5/8%.
The company also said it will redeem on March 15 any notes that remain outstanding after the completion of the tender offer. The redemption price will be par plus accrued interest.
Deutsche Bank Securities Inc. (212 250-6429) was the dealer manager and solicitation agent. The information agent was D.F. King & Co., Inc. (212 269-5550 for banks and brokers, noteholders call 800 207-3158).
Milton, Ga.-based Exide Technologies makes and recycles lead-acid batteries.
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