Acument further extends consent deadline for floaters, considering calling notes instead

By Laura Lutz

Washington, Dec. 5 - Acument Global Technologies, Inc. (formerly TFS Acquisition Corp.) again extended the consent solicitation deadline for its floating-rate senior secured notes due 2014. The company also announced a possible new credit facility and tentative plans to redeem the notes.

The consent deadline is now 5 p.m. ET on Dec. 8. Originally set for Nov. 29, the deadline was earlier moved to Dec. 5.

The concurrent tender offer will expire at 5 p.m. ET on Jan. 16.

The company is soliciting consents to amend the note indenture to eliminate most of the indenture's principal restrictive covenants and to amend certain other provisions including the company's obligation to offer to exchange the notes for publicly registered notes.

Noteholders will receive $1,030 per $1,000 principal amount of notes tendered before the consent deadline, including a consent payment of $30.00. Noteholders will also receive accrued interest up to but excluding the settlement date.

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.

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

Meanwhile Acument said that Citigroup has approved the terms of a new credit facility for up to $200 million.

If the company obtains the credit facility by Dec. 29, Acument plans to use borrowings under the facility to redeem the notes for 102% of the principal amount plus accrued interest using the call option.

Citigroup Corporate and Investment Banking is the dealer manager and solicitation agent (800 558-3745 or call collect 212 723-6106), and Global Bondholder Services Corp. is the information agent (866 389-1500 or call collect 212 430-3774).

Acument is based in Troy, Mich., and provides fastening systems.

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