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Hockey Co. receives tenders of 93% of 11¼% notes
New York, July 14 - The Hockey Co. and Sport Maska Inc. said they received tenders of 93% of the 11¼% senior secured notes due 2009 of The Hockey Co. and 11¼% senior secured notes due 2009 of Sport Maska by the consent deadline.
The companies said they have accepted for payment all the notes tendered and will pay $1,192.96 per unit.
The price was set using a yield equal to a spread of 50 basis points over the yield on the 2.25% U.S. Treasury note due April 30, 2006. The price included a $20 per unit consent payment.
Holders will also receive accrued interest up to but excluding the payment date.
Following the tender offer, $9 million principal amount of the notes remain outstanding.
Holders can still tender those notes at a price of $1,172.96 per unit plus accrued interest until the offer expires at 5 p.m. ET on July 26.
On June 25 Reebok International Ltd. said its The Hockey Co. and Sport Maska subsidiaries commenced a tender offer for their $125 million principal amount of 11¼% senior secured notes due 2009.
Reebok or one of its subsidiaries will finance the tender offer. Canton, Mass.-based footwear and sports equipment company Reebok acquired The Hockey Co. Holdings Inc., the parent of Hockey Co. and Sport Maska, on June 17.
In conjunction with the tender, Hockey Co. is seeking consents to amend the note indenture in order to eliminate substantially all of the affirmative and restrictive covenants, certain repurchase rights and certain events of default and related provisions.
The consent solicitation ends at 5 p.m. ET on July 12 while the tender offer ends at 5 p.m. ET on July 26.
Holders may not tender without consenting. Approval of holders of a majority of the notes is needed to amend the indenture.
Credit Suisse First Boston LLC is dealer manager and solicitation agent (contact Liability Management Group at 800 820-1653 or 212 325-3784). MacKenzie Partners, Inc. is the information agent (800 322-2885).
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