Altra buys back $167.9 million 9% notes at early tender deadline

By Devika Patel

Knoxville, Tenn., Nov. 25 - Altra Holdings, Inc announced that its subsidiary, Altra Industrial Motion, Inc. has accepted the $167.9 million, or about 82%, of its 9% senior secured notes due 2011 tendered by the early deadline of 5 p.m. ET on Nov. 24.

Altra Industrial paid $179.4 million for the notes, which included $167.9 million for the principal, $7.3 million in interest and $4.2 million of early tender premiums.

The tender offer will expire at midnight ET on Dec. 9.

The company paid $1,025 per $1,000 principal amount for notes tendered by the early tender deadline. The total includes a $25 per $1,000 early tender premium.

After that time, the payment will be par.

Altra will also pay accrued interest up to but excluding the payment date.

Holders who tendered by the early tender deadline agreed to waive any rights to a written notice of redemption.

When it announced the offer on Nov. 10, Altra said that if it receives the necessary waiver of rights to a written notice of redemption, it will deliver a notice of redemption and waiver for any notes still outstanding after the early tender deadline and redeem them as soon as possible after the tender is completed.

Altra said Wednesday that it will redeem all remaining notes after the offer settles on Dec. 10.

The offer was subject to a conditions including that Altra receive at least $200 million from the sale of senior notes.

Jefferies & Co., Inc. (888 708-5831) and Banc of America Securities LLC are the dealer managers. D.F. King & Co., Inc. (800 290-6427) is the information agent and The Bank of New York Mellon Trust Co., NA is the depositary.

Altra is an automotive parts supplier based in Quincy, Mass.

© 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.