TriMas to redeem some 9 7/8% notes with IPO proceeds

New York, March 25 - TriMas Corp. said it plans to redeem $146.2 million principal amount of its 9 7/8% senior subordinated notes due 2012 with proceeds from its planned initial public offering of common stock.

The notes will be redeemed at 109.875% of par plus accrued interest.

As of Dec. 31, 2003, TriMas had $438.8 million principal amount of the notes outstanding.

Any remaining proceeds from the IPO will be used to repay term loan borrowings or for general corporate purposes.

TriMas expects net proceeds of approximately $164.0 million from the IPO, according to an S-1 registration statement filed with the Securities and Exchange Commission.

The Bloomfield Hills, Mich., manufacturer of engineered products filed to sell up to $230 million of common stock of which part will be sold by a selling stockholder.

Heartland Industrial Associates LLC of Greenwich, Conn., owns 89.1% of TriMas' stock while Metaldyne Corp. owns 27.7%.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.