Park-Ohio extends consent deadline in cash offer for 8 3/8% notes

By Jennifer Chiou

New York, March 22 - Park-Ohio Industries, Inc. said it extended the consent deadline of its previously announced cash tender offer for its $183.8 million of 8 3/8% senior subordinated notes due 2014 to coincide with the offer expiration, which is midnight ET on April 4.

The early deadline had originally been set for 5 p.m. ET on March 21 when the offer launched on March 8.

As already reported, Park-Ohio is soliciting consents to proposed amendments to the indenture governing the notes that would eliminate substantially all restrictive covenants and certain events of default and shorten the minimum period required to deliver notice of redemption to holders.

Holders may not tender their notes without consenting to the proposed amendments, and holders who deliver their consents will be required to tender their notes.

Any holders who tender will now receive the total payment of $1,030.42 for each $1,000 principal amount of notes, which includes a $30.00 consent premium.

Prior to the extension, holders who tendered their notes after the consent deadline but prior to the expiration date would have received $1,000.42 for each $1,000 principal amount of notes.

Park-Ohio said it will also pay accrued interest to but excluding the settlement date.

The tender offer is conditioned upon the completion of a new long-term debt issuance.

Barclays Capital Inc. (800 438-3242 or 212 528-7581) and J.P. Morgan Securities LLC (800 245-8812 or 212 270-3994) are the dealer managers for the tender offer. Global Bondholder Services Corp. (212 430-3774 or 866 470-4500) is the information agent.

Park-Ohio Industries is a Cleveland-based provider of supply chain logistics services.

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