Metaldyne announces dutch auction for 4½% debentures

New York, July 24 - Metaldyne Corp. announced a dutch auction tender offer for its 4½% convertible subordinated debentures due 2003 - securities that are no longer convertible following Metaldyne's going-private transaction.

The Plymouth, Mich. transportation components company said it will accept tenders that will result in it spending $77 million in the transaction, enough for up to $78.2 million principal amount of the securities, depending on the price accepted.

Tenders will be accepted at prices from $985.00 to $997.50 per $1,000 principal amount.

Financing will come from the previous sale of a 66% fully diluted common equity interest in the company's former TriMas subsidiary.

The tender offer runs until 9.00 a.m. ET on Aug. 21 unless extended.

Credit Suisse First Boston Corp. is the dealer manager, Bank One Trust Company, NA the depositary and D.F. King & Co., Inc. the information agent for the tender offer.

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