| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Ferro Corp. > News item |
Ferro extends tender for $200 million 9 1/8% notes due 2009
By Susanna Moon
Chicago, July 18 - Ferro Corp. said it extended its cash tender offer to buy any and all of its outstanding $200 million principal amount of 9 1/8% senior notes due January 2009.
The tender offer will now expire at 5 p.m. ET on Aug. 15, pushed back from 5 p.m. ET on July 18. It began on June 20.
As of 5 p.m. ET on July 18, the company said it received tenders and consents for $199,887,000 principal amount of the notes, or 99.444%, of the amount outstanding.
The company previously said the total payment for each $1,000 principal amount of notes will be $1,028.96, which was determined using the yield on the 4¾% U.S. Treasury note due Dec. 31, 2008 plus a fixed spread of 50 basis points. Credit Suisse set pricing on July 3.
The payout includes a $15.00 consent payment for those who tendered by the early deadline at 5 p.m. ET on July 3.
The company said it will also pay accrued interest up to the payment date.
The company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, eliminate or modify some events of default and some conditions to defeasance of the notes and eliminate or modify related provisions contained in the indenture.
Holders who tender notes are required to consent to the proposed amendments.
The proposed amendments require consents from holders of a majority of the outstanding notes.
Financing for the deal will come from the issuance of senior debt, according to a previous press release.
Credit Suisse (212 325-4951) is the dealer manager and solicitation agent. Morrow & Co. (800 607-0088) is the information agent.
Ferro is a Cleveland-based performance materials manufacturer.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.