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MagIndustries calls all 11% notes, announces change-of-control offer
By Toni Weeks
San Diego, Aug. 9 - MagIndustries Corp. issued a notice of redemption on Aug. 8 for its outstanding 11% notes due Dec. 20, 2012, according to a company announcement.
The notes will be redeemed on Oct. 6 at a redemption price of $1,049.53 per $1,000 principal amount of notes.
MagIndustries also said that as a result of Evergreen Resources Holding (BVI) Ltd. acquiring 77.6% of the issued and outstanding common shares of MagIndustries on July 22, a change of control under the indenture for the notes has occurred. Accordingly, the company began a change-of-control redemption offer for all of the outstanding notes. Holders that validly tender prior to 5 p.m. ET on Sept. 6 will receive $1,040.80 per $1,000 note. Payment will be made on Oct. 6.
The paying agent is Equity Financial Trust Co. (866 393-4891).
MagIndustries develops potash assets in the Republic of Congo and is based in Toronto.
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