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KSTA tenders for 10¼% notes issued by Stanadyne
Pittsburgh, July 20 - KSTA Acquisition LLC, an affiliate of Kohlberg & Co. LLC, said it has begun a cash tender offer and consent solicitation for all the $66 million outstanding principal amount 10¼% senior subordinated notes due 2007 issued by Stanadyne Corp.
In conjunction with the tender offer, consents are being solicited to amend the indenture.
As previously announced, KSTA has entered into an agreement to acquire all of the outstanding capital stock of Stanadyne Corp.
The tender offer expires at 5 p.m. ET on Aug. 16, unless extended or terminated.
The consent solicitation expires at 5 p.m. ET on July 29, unless extended or terminated.
Holders tendering their notes will be required to consent to the proposed amendments to the indenture, which will eliminate substantially all of the affirmative and restrictive covenants, certain repurchase rights and certain events of default and related provisions.
If the tender is completed, tendering holders who validly tender and deliver consents by the consent deadline will receive $1,037.92 per $1,000 of principal amount plus accrued interest.
Holders tendering after the consent deadline but before the expiration will receive $1,034.17 per $1,000 principal amount plus accrued interest.
KSTA intends to finance the tender offer and consent solicitation with part of the debt and equity financing arranged in connection with its proposed acquisition of Stanadyne Corp. The completion of this acquisition is one of the conditions to KSTA's obligations to accept notes for payment pursuant to the tender offer and consent solicitation.
Goldman, Sachs & Co. is dealer manager and solicitation agent (call Credit Liability Management Group at 877 686-5059 or collect 212 357-3019). D.F. King & Co. is information agent (call 800 431-9645 or 212 269-5550).
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