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Da-Lite Screen gets tenders, consents for 99.9% of 12½% notes so far
By Angela McDaniels
Tacoma, Wash., April 29 - Da-Lite Screen Co., Inc. had received tenders and consents for 99.9% of its outstanding 12½% senior notes due 2015 as of 5 p.m. ET on April 29, according to a company news release.
A tender offer and consent solicitation for the notes began on April 18. The consent deadline was 5 p.m. ET on April 29, and the tender offer will end at 8 a.m. ET on May 16.
The consents received exceed the amount required in order to effect the proposed amendments to the note indenture, which will eliminate substantially all of the restrictive covenants and some events of default. The amendments will become effective when the company purchases the tendered notes.
The company will pay $1,186.25 for each $1,000 principal amount of notes tendered by the consent deadline. The payment includes a consent fee of $30.00 per note.
Once the financing condition is met, the company plans to accept for purchase all of the notes tendered so far. Da-Lite expects to meet the financing condition on May 4.
Other offers
As previously reported, the company also began a separate change-of-control offer that will expire at 8 a.m. ET on May 16.
On April 15, Da-Lite was acquired by a subsidiary of Milestone Holding Corp., which constituted a change of control under the note terms and requires that the company offer to purchase the notes at 101 plus accrued interest.
In addition to those offers, the company began a free cash flow offer to purchase up to $5.72 million principal amount of the notes at 103. That offer was scheduled to expire on April 29.
Merrill Lynch (debt advisory services, 888 292-0070 or 980 388-9217) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 431-9643 or, for banks and brokers, 212 269-5550) is the depositary and information agent.
Da-Lite is a Warsaw, Ind.-based manufacturer and marketer of projection screens and presentation products.
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