Belden gets consents for majority of 7%, 9¼% notes by early expiration

By Toni Weeks

San Diego, Aug. 27 - Belden Inc. announced it accepted tenders and consents for $291,916,000, or 83.55%, principal amount of its $349.4 million of 7% senior subordinated notes due 2017 and $182,950,000, or 91.48%, of its $200 million of 9¼% senior subordinated notes due 2019 by 5 p.m. ET on Aug. 24, the consent expiration for the company's tender offer.

The company has executed a supplemental indenture to eliminate substantially all of the restrictive covenants and some events of default for each note series. Belden previously said it needed consents from holders of a majority of the outstanding notes to modify the note indentures. The consent offer was also conditioned on the closing of a capital markets debt offering with enough proceeds to help fund the tender offer. The company settled an offering of $700 million of 5.5% senior subordinated notes due 2022 on Aug. 27.

For each $1,000 principal amount of notes tendered by the consent expiration, the company is paying $1,038.00 for the 7% notes and $1,162.50 for the 9¼% notes. Each amount 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 is expected to be Aug. 27 for early tendered notes. According to a previous company press release, the settlement for remaining tendered notes will occur "promptly" after the offer ends.

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

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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