Acument tenders for floaters due 2014

By Jennifer Chiou

New York, Nov. 16 - Acument Global Technologies, Inc. (TFS Acquisition Corp.) announced the start of a cash tender offer for all of its senior secured floating-rate notes due 2014.

The company is also soliciting consents to amend the note indenture and to terminate the registration rights agreement related to the securities.

The consent deadline is 5 p.m. ET on Nov. 29. The offer ends at 5 p.m. ET on Jan. 16.

Those who tender before the early deadline will receive $1,030 per $1,000 principal amount of notes, which includes a consent payment of $30.00.

If the company receives tenders from a majority of noteholders by the consent deadline, $5.00 of the consent payment will be paid following the consent deadline, with the remainder to be paid on the settlement date.

Acument said it is permitted to redeem all or a portion of the notes at any time prior to Dec. 29 for a redemption price of 102% plus accrued interest.

Proposed amendments to the indenture would eliminate most of the indenture's principal restrictive covenants and would amend certain other provisions contained in the indenture, including the company's obligation to offer to exchange the notes for publicly registered notes.

The offer is conditioned upon the receipt of proceeds from a new issue of debt securities or a new second-lien credit facility as well as the receipt of tenders from a majority of noteholders and the execution of a supplemental indenture.

Citigroup Corporate and Investment Banking is the dealer manager and solicitation agent (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the information agent (866 389-1500 or call collect 212430-3774).

Based in Troy, Mich., Acument provides fastening systems.

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