Tekni-Plex buys back 0.02% of 9¾% notes in change-of-control offer

By Toni Weeks

San Luis Obispo, Calif., Jan. 13 - Tekni-Plex, Inc. said holders of $74,000, or 0.02%, of the company's outstanding 9¾% senior secured notes due 2019 delivered their notes for repurchase in a change-of-control offer that began Dec. 13.

The company announced it would purchase any and all of the outstanding notes to fulfill its obligations under the indenture governing the notes following the completion of a merger with an affiliate of American Securities LLC. The acquisition resulted in a change of control, which gave holders of the notes the right to require Tekni-Plex to purchase all or a portion of their notes at 101 plus accrued interest.

The offer expired at 5 p.m. ET on Jan. 10. Settlement for the tendered notes will occur on Jan. 15.

Tekni-Plex is a King of Prussia, Pa.-based manufacturer of packaging products primarily serving the health-care, food and consumer industries.

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