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Amsted Industries again extends consent solicitation for 10¼% senior notes
New York, Jan. 30 - Amsted Industries Inc. said it again extended its solicitation of consents from holders of its $250 million of 10¼% senior notes due 2011 to amend the note indenture, this time to 5 p.m. ET on Jan. 31.
The expiration had previously been set to expire at 5 p.m. ET on Jan. 30.
At its previous announcement on Jan. 25, Amsted extended the tender from Jan. 26 and also said its board has taken action by resolution to modify the company's supplemental ESOP diversification program if the necessary consents are not received by the expiration of the consent solicitation.
Previously Amsted extended the solicitation from 5 p.m. ET on Jan. 25 and before that, on Jan. 23, it extended the solicitation from 5 p.m. ET on Jan. 19 and amended the offer, augmenting the consent payment to $12.50 from $3.75 per $1,000 principal amount.
The company is soliciting consents for a $100 million increase - lowered from $125 million - in the company's capacity to make Employee Stock Ownership Plan repurchases and for the requirement that the $100 million only be used after the restricted payments basket is fully exhausted and Amsted's ratio of total net debt to EBITDA is 2.5 times or less.
The Chicago-based manufacturer of industrial components announced the offer on Jan. 5.
The solicitation is conditioned on the receipt of consents from holders of at least a majority of the outstanding notes, the receipt of consent from the required lenders under the company's senior credit facilities and other customary conditions.
Banc of America Securities LLC is the solicitation agent (212 847-5834 or 888 292-007). MacKenzie Partners Inc. is information agent (212 929-5500 or 800 322-2885).
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