Neenah plans change-of-control tender for bonds after Tontine takes control of parent

New York, June 1 - Neenah Foundry Co. said it will be required to make a change-of-control tender offer for its $133.1 million of 11% senior secured notes due 2010 and $100 million of 13% senior subordinated notes due 2013.

The offer is required under the terms of the note indenture after Tontine Capital Partners LP bought stock and warrants for 48.4% of the common stock of ACP Holding Co., giving it a 53.8% stake on a fully diluted basis, according to an 8-K filing with the Securities and Exchange Commission. ACP is the indirect parent of Neenah Foundry.

Under the note indenture, the tender will be at a price of 101% of par plus accrued interest and must begin within 30 days after the change of control, which occurred on May 26.

Neenah Foundry said that it has entered into an agreement with Tontine under which Tontine will acquire any notes that are tendered.

Neenah is a Neenah, Wis.-based manufacturer of iron castings.

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