International Wire settles tenders for $574 more 9¾% notes in offer

By Susanna Moon

Chicago, Oct. 18 - International Wire Group, Inc. said it will settle on Thursday another $574 of its $106,025,000 of outstanding 9¾% senior secured notes due 2015 tendered since the early deadline at 5 p.m. ET on Oct. 3.

The tender offer ended at 11:59 p.m. ET on Oct. 17. The offer began on Sept. 19.

Investors tendered $56,854,255 of the notes by the early date, and the company purchased the notes on Oct. 4, according to a company press release.

The company also called the remaining notes for redemption on Nov. 5 at 104.875% of par plus accrued interest to but excluding the redemption date.

As previously noted, the total purchase price was $1,052.81 for each $1,000 principal amount tendered by the early deadline. The total payment included an early tender premium of $25.00 per $1,000 of notes.

The tender offer payment is $1,027.81 per $1,000 of notes tendered after the early deadline.

The company also will pay accrued interest to the settlement date.

The tender offer was conditioned on completion of at least $250 million of financing.

The company priced a restructured $250 million issue of five-year senior notes at par to yield 8½% on Sept. 28, as previously reported by Prospect News.

J.P. Morgan Securities LLC is the dealer manager; Morrow & Co., LLC (800 607-0088 or banks and brokers call 203 658-9400) is information agent; and Continental Stock Transfer & Trust Co. is the depositary.

The issuer is a Camden, N.Y.-based manufacturer and marketer of wire products.

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