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Magellan Aerospace starts change-of-control tender for 8.5% convertibles
New York, April 30 - Magellan Aerospace Corp. said it has begun a change-of-control tender offer for its 8.5% convertible unsecured debentures due Jan. 31, 2010.
The Toronto-based is offering 102.5% of par plus accrued interest.
Magellan Aerospace currently has C$20.95 million of the convertibles outstanding, of which C$17.5 million is held by its chairman Murray Edwards and C$650,000 by Larry Moeller, a director. Edwards has indicated he will tender, the company said.
The offer runs through May 21.
If more than 90% of the convertibles are tendered, then Magellan Aerospace will have the right to redeem the remainder by May 21.
The offer is required as a result of the purchase by Edwards of C$40 million of new 10% convertible secured subordinated debentures, the extension, expansion and restatement of a C$65 million loan from a company owned by Edwards to Magellan and a credit facility amendment.
Magellan Aerospace designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, and complementary specialty products.
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