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Erico tenders for 9 7/8% notes
By Jennifer Chiou
New York, Nov. 28 - Erico International Corp. announced the launch of a tender offer and consent solicitation for any and all of its $141 million of 8 7/8% senior subordinated notes due 2012.
The Solon, Ohio, designer of specialty metal products is soliciting consents to proposed amendments to the indenture, which will eliminate substantially all of the restrictive and certain other covenants in the indenture.
Those who tender their notes prior to midnight ET on Dec. 11 will receive, for each $1,000 principal amount of notes, $1,076.92, which includes a $20.00 consent fee.
The offer ends at 8 a.m. ET on Dec. 29.
Erico said it will also pay accrued interest.
The company needs tenders from a majority of noteholders.
Deutsche Bank Securities Inc. is the dealer manager (call collect 212 250-7772). MacKenzie Partners, Inc. is the information agent (800 322-2885).
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