Hawk offers to buy back 8¾% notes

By Angela McDaniels

Seattle, July 11 - Hawk Corp. said it began an offer to purchase its outstanding $100 million 8¾% senior notes due 2014 at par.

The offer will expire at 5 p.m. ET on Aug. 7.

The company sold its precision components segment for $94.2 million on Feb. 2. This constituted an asset sale under the terms of the note indenture, and Hawk is now required to offer to buy back the notes.

The total amount of proceeds available for the buyback is $84.9 million, according to a company news release.

Hawk is a Cleveland-based supplier of highly engineered products.

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