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MacDermid gets tenders, consents for 99.1% of 9 1/8% notes
By Angela McDaniels
Seattle, April 2 - Matrix Acquisition Corp. had received tenders and consents from holders of $298.83 million, or 99.1%, of MacDermid, Inc.'s $301.5 million 9 1/8% senior subordinated notes due 2011 as of March 29, according to a news release.
Accordingly, a supplemental indenture that will eliminate substantially all of the restrictive covenants and certain events of default in the note indenture was executed on March 30. The proposed amendments in the supplemental indenture will become operative after the tendered notes are accepted for payment.
Matrix began a tender offer and consent solicitation for the notes on March 20. The tender offer expires at 5 p.m. ET on April 17.
Noteholders will receive $1,048.13 for each $1,000 principal amount of notes tendered. The tender consideration includes a consent payment of $20.00 per $1,000 principal amount for notes tendered by March 29, the consent payment deadline.
The company will also pay accrued interest up to but excluding the payment date.
The tender offer is subject to the consummation of the planned merger between Matrix Acquisition and MacDermid.
Credit Suisse Securities (USA) LLC (212 325-7596) is dealer manager and solicitation agent for the tender offer and the consent solicitation, and D.F. King & Co., Inc. (800 848-2998 or 212 269-5550) is the information agent.
MacDermid is a Denver-based specialty chemical manufacturer.
Matrix Acquisition is a special-purpose vehicle formed to carry out financing for the $1.3 billion acquisition of MacDermid by its chairman and chief executive officer Daniel H. Leever and investment funds managed by Court Square Capital Partners II LP and Weston Presidio V LP.
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