| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Amsted Industries Inc. > News item |
Amsted Industries abandons consent solicitation for 10¼% senior notes
New York, Jan. 31 - Amsted Industries Inc. said it has given up trying to obtain consents from holders of its $250 million of 10¼% senior notes due 2011 to amend the note indenture.
The move follows multiple extensions, most recently to 5 p.m. ET on Jan. 31 from 5 p.m. ET on Jan. 30.
Earlier, in a Jan. 25 announcement, 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 was 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 was subject to 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).
© 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.