Ergo gets tenders for 91% of series D preferreds

By Laura Lutz

Des Moines, April 1 - Ergo Science Corp. announced that it completed the tender offer and consent solicitation for all of its outstanding shares of series D exchangeable preferred stock.

In total, the company said it received tenders for 6,282.482, or 91.01%, of the preferred shares that were outstanding before the tender offer.

The offer expired at 5 p.m. ET on March 26.

Ergo said it will pay $500 per share, or a total of $3.14 million, for the tendered shares.

With the consents it received, the company amended the series D preferreds to eliminate some restrictive covenants and other provisions.

The company said the amendments will allow it to repurchase and pay dividends on the outstanding shares of its common stock and to be in a better position to attract future investments.

As previously reported, the amended and restated certificate also had to be approved by the holders of a majority of the outstanding shares of common stock at a meeting on March 31.

Ergo Science is a business information provider based in North Andover, Mass.

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