Kemet tenders for $56.08 million of 2.25% convertible notes due 2026

By Devika Patel

Knoxville, Tenn., Feb. 3 - Kemet Corp. said it has begun a tender offer for up to $56.08 million of its 2.25% convertible senior notes due 2026. There is $81.08 million of the convertibles outstanding.

The tender offer will expire at 11:59 p.m. ET on March 3.

Holders who validly tender their securities prior to offer's expiration will receive $965 for each $1,000 of convertibles, plus interest to, but excluding, the payment date.

The tender offer is conditioned upon the completion of a concurrent $275 million debt financing.

If more than $56.08 million of the notes is validly tendered, the company will allocate acceptances on a pro rata basis.

BofA Merrill Lynch (888 292-0070) is the dealer manager. D.F. King & Co., Inc. (212 269-5550 or, toll free, 800 714-3312) is the information agent and depositary agent.

Kemet is a Simpsonville, S.C.-based manufacturer of tantalum, multilayer ceramic, film, electrolytic paper and solid aluminum capacitors.

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