Day International Group tenders for 9½% notes due 2008

By Jennifer Chiou

New York, Oct. 26 - Day International Group, Inc. launched a cash tender offer for any and all of its $115 million of 9½% senior subordinated notes due 2008.

The company is also soliciting consents to proposed amendments to the notes' indenture to eliminate or modify all affirmative and negative covenants, the provision obligating Day to make a repurchase offer in the event of a change of control of the company and events of default.

The consent deadline is 5 p.m. ET on Nov. 7 and the tender offer expires at midnight ET on Nov. 22, unless extended.

For each $1,000 principal amount of notes, the company said it will pay $1,019.58, which includes a $3.75 consent payment for those who tender their holdings before the consent deadline.

Day will also pay accrued interest up to but excluding the settlement date.

The company added that it obtained a commitment from Goldman Sachs Credit Partners, LP to provide an up to $250 million senior first-lien secured term loan facility, up to $25 million senior first-lien secured revolving credit facility and up to $140 million senior second-lien secured term loan facility.

The tender offer is conditioned upon the simultaneous closing of the facilities and the receipt of consents from a majority of noteholders.

Goldman, Sachs & Co. is the dealer-manager (call collect 212 357-7867 or 800 828-3182). Global Bondholder Services Corp. is the information agent and depositary (866 873-6300).

Based in Dayton, Ohio, Day designs and produces products for the printing industry.

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