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Clondalkin starts tender for 10 5/8% notes
New York, Feb. 5 - Clondalkin Industries Ltd. announced a cash tender offer for its €125 million of 10 5/8% senior notes due 2010.
The Dublin, Ireland, company will pay a price determined from a 75 basis points spread over the yield to maturity of the BKO 3% due Dec. 10, 2004 on the second business day before the expiration date of the offer, which is 5 p.m. ET March 4.
Included in the price is a €30 per €1,000 principal amount consent payment that will only be paid to holders who validly tender and deliver consents by the consent deadline of 5 p.m. ET Feb. 18.
All tendering holders will also receive accrued interest up to but not including the settlement date.
Concurrently with the tender, Clondalkin is soliciting consents to amend the note indenture. The changes will eliminate most of the restrictive covenants, certain events of default and certain additional covenants and rights.
A tender will be considered to constitute consent to the amendments.
Notes tendered before the consent deadline may be withdrawn up to the consent deadline. Notes tendered after the consent deadline may not be withdrawn unless the offer is terminated without any notes being purchased.
The tender offer is being carried out in conjunction with the €630 million acquisition of Clondalkin by Warburg Pincus LLC and management. All of Clondalkin's debt is being refinanced as part of the transaction. Any notes not tendered will be defeased to the first redemption date.
Deutsche Bank AG London (+44 20 7547 5000/7545 9968) is the dealer manager.
Full details at:
http://www.sec.gov/Archives/edgar/data/1116543/000104746904003302/a2128155z6-k.htm
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