Keystone extends rights offering; exchange offer deadline unchanged

By Angela McDaniels

Tacoma, Wash., March 14 - Keystone Automotive Operations Inc. extended the rights offering it is conducting in connection with an exchange offer and consent solicitation for its 9¾% senior subordinated notes due 2013, according to a company news release.

The expiration date of the rights offering is now the same as that for the exchange offer, 5 p.m. ET on March 16.

In exchange for their notes, holders are being offered their pro rata share of about 22.0% of the new common stock of reorganized Keystone and the ability to purchase, through the rights offering in an amount of up to $60 million, their pro rata share of about 47.4% of the new common stock.

The exchange offer is conditioned on 98% of the notes being tendered.

The company is also soliciting acceptances of a pre-packaged plan of reorganization. Keystone said that if the minimum tender condition is not met, it will look to implement the restructuring by starting Chapter 11 cases and seeking confirmation of the pre-packaged plan.

The subscription agent for the rights offering is Garden City Group, Inc. (888 476-7159).

Keystone is an Exeter, Pa.-based distributor and marketer of specialty automotive accessories.

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