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Coleman Cable wraps tender offer for its 9 7/8% notes, calls remainder at 102.4688
By Susanna Moon
Chicago, Feb. 19 - Coleman Cable Inc. said it completed the cash tender offer and consent solicitation for its outstanding 9 7/8% senior notes due 2012.
The company said it received no additional tendered notes after the consent deadline.
The company said on Feb. 3 that it accepted early tenders for $199,429,000, or 88.6%, of its 9 7/8% notes.
The offer expired at 11:59 p.m. ET on Feb. 17. It began on Jan. 20.
Coleman said that it will redeem the remaining $25,551,000 principal amount of the notes on March 22 at 102.4688% of par plus accrued interest to the redemption date.
Those who tendered by the consent deadline of 5 p.m. ET on Feb. 2 received $1,027.50 per $1,000 principal amount of notes, including a consent payment of $30.00.
The company said it funded the initial settlement using the proceeds from its private placement offering of $235 million of 9% senior notes due 2018.
Investors also were to receive accrued interest.
Coleman also said it entered into a supplemental indenture after having received the needed consents for the notes.
The offer was subject to the minimum consent condition as well as a financing condition.
Bank of America Merrill Lynch (888 292-0070 or call collect 646 855-3401) and Wells Fargo Securities (866 309-6316 or call collect 704 715-8341) were the joint dealer managers and solicitation agents. Global Bondholder Services Corp. was the information agent (866 470-4500 or call collect 212 430-3774).
Coleman Cable is a Waukegan, Ill.-based designer, developer, manufacturer and supplier of electrical wire and cable products.
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