Stoneridge accepts all $109.89 million in tendered 11½% notes due 2012

By Devika Patel

Knoxville, Tenn., Oct. 19 - Stoneridge, Inc. said investors tendered $109,887,000 of the company's 11½% senior notes due 2012 by the expiration time of 11:59 p.m. ET on Oct. 18.

As previously noted, the company had purchased $109,733,000 notes tendered as of Oct. 4. The cash tender offer began on Sept. 20.

Payment for the notes is expected to be made Oct. 19.

The notes are currently redeemable at par. The company said it planned to redeem any remaining notes on Nov. 4.

The company previously said it received the required consents to amend the notes to eliminate most of the restrictive covenants and events of default. The consent payment deadline was 5 p.m. ET on Oct. 1.

As a result, a supplemental indenture has been executed and delivered.

The total payment will be $1,002.50 for each $1,000 principal amount of notes tendered by the early deadline, which includes a consent fee of $2.50 per note.

Holders who tendered their notes after the consent date but before the expiration time will receive only the tender offer payment of par.

The company also will pay accrued interest up to but excluding the payment date.

J.P. Morgan Securities LLC (800 245-8812 or 212 834-2046) was the dealer manager. Global Bondholder Services Corp. (866 470-3900 or 212 430-3774) was the depositary and information agent.

Based in Warren, Ohio, Stoneridge is a designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the medium- and heavy-duty truck, automotive and agricultural and off-highway vehicle markets.

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