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National Waterworks sets pricing in tender offer for 10½% notes due 2012
New York, Aug. 23 - National Waterworks, Inc. said it has fixed pricing in its tender offer for any and all of its $200 million of 10½% senior subordinated series B notes due 2012.
The company will pay $1,175.68 per $1,000 principal amount for notes tendered by the consent deadline.
Pricing was set at 2 p.m. ET on Aug. 23.
At its last announcement on Aug. 15, National Waterworks extended the tender to 5 p.m. ET on Aug. 25 from 5 p.m. ET on Aug. 17.
The tender is being carried out as part of the acquisition of its parent company. As previously announced, Home Depot U.S.A., Inc. will acquire all National Waterworks Holdings, Inc.'s outstanding stock.
The company had previously added conditions to the offer, including a completed acquisition, and also set the price determination date for 2 p.m. ET on Aug. 23.
The company amended the offer on July 19 to include the acquisition.
As already reported, the amount for the offer will be based on the yield of the 3% Treasury due Nov. 15, 2007 plus 50 basis points. The total includes a consent payment of $30.00 per $1,000 principal amount, which will be paid to holders who tendered by the Aug. 3 consent deadline.
As of Aug. 3, 100% of the notes were tendered.
The expiration date had previously been extended to 5 p.m. ET on Aug. 17 from 5 p.m. ET on Aug. 1.
J.P. Morgan Securities Inc. is the dealer manager and solicitation agent (866 834-4666 or call collect 212 834-3424). Global Bondholder Services Corp. is the information agent (866 387-1500 or call collect 212 430-3774).
Based in Waco, Texas, National Waterworks distributes pipes, fittings, valves, meters, fire hydrants, service and repair products for water transport.
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