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Kimball Electronics plans tender for Reptron senior notes due 2009
By Jennifer Chiou
New York, Dec. 19 - Kimball Electronics Group announced it will begin a cash tender offer for all of Reptron Electronics, Inc.'s senior secured notes due 2009 on Dec. 22.
The completed offer is necessary for Kimball's acquisition of Reptron for $0.68 per share, which represents a premium of 28% to Reptron's three-month volume-weighted average stock price of $0.53.
The company will tender for the notes at a 12.5% discount to par.
The company will also solicit consents to amend the note indenture and will need consents from at least 97% of noteholders.
Reptron added that it has executed support agreements with holders of more than 80% of the notes.
Tampa, Fla.-based Reptron, an electronics manufacturing services company, noted it will solicit shareholder approval via proxy statement.
Based in Jasper, Ind., Kimball is a global contract electronics manufacturing services company that specializes in durable electronics for the automotive, medical, industrial and public safety markets.
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