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Accellent tenders for all 10% notes due 2012
By Jennifer Chiou
New York, Oct. 21 - Accellent Corp. announced the launch of a tender offer for any and all of its 10% senior subordinated notes due 2012.
The company is also soliciting consents for proposed amendments to the notes' indenture to eliminate restrictive and reporting covenants as well as events of default.
The offer and consent solicitation are for the previously announced merger between parent Accellent Inc. and Accellent Acquisition Corp., an entity controlled by affiliates of Kohlberg Kravis Roberts & Co. LP.
The consent solicitation ends at 5 p.m. ET on Nov. 3. The tender offer expires at 5 p.m. ET on Nov. 21, unless extended.
Noteholders who tender their securities by the consent deadline will receive a consent payment of $30.00 per $1,000 principal amount of notes, which in included in the total calculated for the payout.
For each $1,000 principal amount of notes, the company said it will pay an amount based on the present value of the notes on the initial payment date of $1,050.00 - the redemption price for the notes on July 15, 2008, the earliest call date - and interest up to the redemption date, discounted using the yield to maturity of the 4 1/8% Treasury due Aug. 15, 2008 and 50 basis points.
The offer is conditioned upon the receipt of consents from a majority of noteholders and closing of the merger.
Credit Suisse First Boston LLC (800 820-1653 or call collect 212 538-0652) and J.P. Morgan Securities Inc. (866 834-4666 or call collect 212 834-3424) are dealer managers. MacKenzie Partners, Inc. is the information agent (212 929-5500).
Based in Wilmington, Mass., Accellent provides contract manufacturing and design services to medical device manufacturers in the cardiology, endoscopy and orthopedic markets.
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