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AGT Food gets tenders, consents for 84.7% of 5 5/8% notes due 2021
By Susanna Moon
Chicago, Feb. 5 – AGT Food and Ingredients Inc. said holders had tendered $169,395,124, or 84.7%, of its $200 million of 5 5/8% senior notes due Dec. 21, 2021 in the offer that ended at 5 p.m. ET on Feb. 4.
As a result, AGT will execute the supplemental indenture implementing the proposed amendments to the notes, according to a company update on Tuesday.
The tender offer and consent solicitation began Jan. 7.
AGT was also soliciting consents from holders of a majority of the notes indenture to eliminate substantially all of the restrictive and reporting covenants and events of default as well as other provisions.
Holders had tendered $163,237,115, or 81.62%, of the 5 5/8% notes as of the early deadline at 5 p.m. ET on Jan. 22.
The purchase price for each $1,000 principal amount will be $1,015 for early tendered notes and $1,010 for notes tendered after the early deadline.
Holders will also receive accrued interest up to excluding the payment date.
The tender offer is conditioned on the acquisition of AGT by a group led by AGT's president and chief executive officer, Murad Al-Katib, for all of the common shares of AGT not already held by the group for $18.00 per share in cash by June 4, 2019, according to a previous release.
Holders who tendered notes must give their consents to the proposed amendments and they may not deliver consents without also tendering their notes.
Scotia Capital Inc. (416 863-7438) is the dealer manager and solicitation agent. D.F. King & Co. Inc. (647 351-3085) is the information agent.
AGT is a Regina, Sask., processor of value-added pulses, staple foods and ingredients for export and domestic markets as well as a supplier of retail packaged and canned foods to retail and food service sectors.
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