AEP Industries settles early tenders for $133.72 million 7 7/8% notes

By Susanna Moon

Chicago, April 18 - AEP Industries Inc. said investors tendered $133,722,000 principal amount, or 83.49%, of its outstanding $160.16 million principal amount of 7 7/8% senior notes due 2013 by the early tender deadline of 5 p.m. ET on April 15.

The company also said it received the needed consents from the holders of a majority of the notes to amend the notes and, as a result, executed a supplemental indenture on April 18.

AEP paid $1,002.50 per $1,000 principal amount of notes tendered by the early deadline, including an early tender fee of $10.00 per $1,000 principal amount.

The company said it settled those tenders on April 18 with proceeds from the sale of $200 million of 8¼% eight-year senior notes.

Holders who tender their notes after the early tender deadline will receive $992.50 per $1,000 principal amount.

AEP also will pay accrued interest up to but not including the payment date.

The offer will run until midnight ET on April 29. It began April 4.

Tendered notes may no longer be withdrawn.

Merrill Lynch (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 issuer is a South Hackensack, N.J., plastic packaging manufacturer.

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