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AEP Industries tenders, solicits consents for 7 7/8% notes due 2013
By Susanna Moon
Chicago, April 4 - AEP Industries Inc. said it began a cash tender offer and consent solicitation for its outstanding $160.16 million principal amount of 7 7/8% senior notes due 2013.
The company will pay $1,002.50 per $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on April 15, which includes an early tender fee of $10.00 per $1,000 principal amount.
Holders who validly tender their notes after the early tender deadline will receive $992.50 per $1,000 principal amount.
The offer will run until midnight ET on April 29.
AEP also will pay accrued interest up to but not including the payment date.
Early settlement could occur on April 18.
The company will execute a supplemental indenture to amend the notes if it receives the consent of the holders of at least a majority of the notes.
Tendered notes may not be withdrawn after the earlier of 5 p.m. ET on April 15 and execution of the supplemental indenture.
The offer is conditioned on getting the required consents to amend the notes and securing proceeds from a new debt financing to fund the offer.
Merrill Lynch at (888 292-0070 or collect 980 388-9217) is the dealer manager and solicitation agent for the offer. D.F. King & Co., Inc. (800 290-6426 or collect 212 269-5550) is the information agent.
The South Hackensack, N.J., plastic packaging manufacturer said on April 4 that it planned to conduct an investor roadshow for a $200 million offering of eight-year senior notes during the April 4 week with proceeds to be used to fund the tender offer for its 7 7/8% notes and to repay all amounts outstanding under its credit facility.
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