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CPI International to redeem remaining 8¾% senior notes due 2018 at 101
By Wendy Van Sickle
Columbus, Ohio, March 17 – CPI International Inc. called its remaining outstanding 8¾% senior notes due 2018 for redemption on March 30, according to a press release.
The redemption price will be 101 plus accrued interest to the redemption date.
As previously reported, the company commenced a tender offer and consent solicitation for the notes on March 3.
Investors had tendered $156,375,000 principal amount, or 72.73%, of the $215 million principal amount of the notes as of the consent deadline at 5 p.m. ET on March 15.
The company will pay a total purchase price of $1,012.50 for each $1,000 principal amount of notes tendered by the consent payment deadline, which includes a consent payment of $12.50 per $1,000 principal amount. The issuer will also pay accrued interest.
The tender offer will remain open until 11:59 p.m. ET on March 29. The withdrawal deadline was 5 p.m. ET on March 15.
Holders who tender after the consent deadline will receive par plus accrued interest.
CPI is a Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.
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