Steinway tenders for all $166.2 million 8¾% notes

By Jennifer Chiou

New York, Feb. 8 - Steinway Musical Instruments, Inc. announced a tender offer for all $166.2 million of its 8¾% senior notes due 2011.

The Waltham, Mass., musical instrument manufacturer is also soliciting consents to amend the notes' indenture to eliminate all of the restrictive covenants and events of default.

The consent deadline is 5 p.m. ET on Feb. 22. The offer expires at 9 a.m. ET on March 9, unless extended.

For each $1,000 principal amount of notes, investors will receive $1,047.85, which includes a consent payment of $4.00 for those who tender by the consent deadline.

The tender is conditioned upon consent from holders of a majority of the notes and sufficient financing.

Steinway said it intends to use the proceeds of a sale of $175 million of new senior notes to fund the tender.

UBS Securities LLC is dealer manager (888 722-9555 x4210). D.F. King & Co. is the information agent (call collect 212 269-5550 or 800 628-8536).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.