Glatfelter tenders, solicits consents for $200 million of 7 1/8% notes

By Susanna Moon

Chicago, Sept. 19 - P. H. Glatfelter said it began a cash tender offer and consent solicitation for its $200 million outstanding principal amount of 7 1/8% senior notes due 2016.

Holders who tender their notes by 5 p.m. ET on Oct. 2, the consent date, will receive the total purchase price of $1,026.25 per $1,000 principal amount, which includes a consent fee of $2.50.

Those who tender their notes after the consent date will receive the base payment of $1,023.75 per $1,000 of notes.

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

The tender offer will run until 11:59 p.m. ET on Oct. 17.

Glatfelter is soliciting consents to amend the notes to eliminate most of the restrictive covenants and events of default. The company needs the consent of the holders of a majority of the outstanding notes.

Holders who tender their notes must also deliver consents, and they may not revoke a consent without withdrawing their tendered notes.

Tendered notes may be withdrawn by the consent deadline.

Completion of the offer is conditioned on execution of a supplemental indenture and securing funding for the offer.

J.P. Morgan Securities LLC (800 245-8812 or collect 212 270-1200) is the dealer manager and solicitation agent. U.S. Bank NA is the depositary. i-Deal LLC (888 593-9546) is the information agent.

Glatfelter is a York, Pa.-based manufacturer and seller of specialty papers and fiber-based engineered products.

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