Belden begins tender offers, consent bids for 7% notes and 9¼% notes

By Susanna Moon

Chicago, Aug. 13 - Belden Inc. said it began cash tender offers and consent solicitations for its outstanding $349.4 million principal amount of its 7% senior subordinated notes due 2017 and $200 million principal amount of its 9¼% senior subordinated notes due 2019.

For each $1,000 principal amount, the total purchase price will be $1,038.00 for the 7% notes and $1,162.50 for the 9¼% notes tendered by the consent expiration deadline at 5 p.m. ET on Aug. 24.

The total payment includes a $30.00 consent premium per $1,000 of notes.

Holders also will receive accrued interest up to but not including the payment date, which will be Aug. 27 for early tendered notes and "promptly" after the offer ends for the remaining tendered notes, according a company press release.

In connection with the tender offers, Belden is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and events of default.

The tender offers will end at 11:59 p.m. ET on Sept. 10.

Tendered notes may be withdrawn and consents may be revoked before the consent deadline.

The offers are conditioned on receiving consents from holders of a majority of the outstanding notes, execution of a supplemental indenture and completion of a capital markets debt offering with enough proceeds to help fund the tender.

D.F. King & Co., Inc. (800 431-9633 or, for banks and brokers, 212 269-5550) is the tender agent and information agent. Wells Fargo Securities (attn.: liability management group, 866 309-6316 and collect 704 715-8341) is the exclusive dealer manager and solicitation agent.

St. Louis-based Belden designs, manufactures and markets cable, connectivity and networking products in markets including industrial automation, enterprise, transportation, infrastructure and consumer electronics.

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