Park-Ohio tenders for 9¼% notes

New York, Nov. 9 - Park-Ohio Industries, Inc. said it has begun a cash tender offer for any and all of its $199.9 million principal amount of 9¼% senior subordinated notes due 2007.

The Cleveland-based company is also soliciting consents to amend the note indenture to eliminate substantially all restrictive covenants and shorten the minimum notice period to redeem the notes.

Park-Ohio is offering 101.945% of par plus accrued interest up to but excluding the settlement date. The total includes a consent premium of 0.403% of par that will only be paid for notes tendered by the consent deadline of 5 p.m. ET on Nov. 19. After that date the payment is 101.542% of par plus accrued interest up to but excluding the settlement date.

The tender expires at midnight ET on Dec. 8.

Holders who tender are required to consent and vice versa.

Financing will come from issuance of new long-term debt and borrowings under the company's revolving credit facility.

Park-Ohio said it plans to call any notes not tendered at the redemption price of 101.542% of par.

Lehman Brothers Inc. is dealer manager (800 438-3242 or 212 528-7581). D.F. King & Co., Inc. is the information agent (banks and brokers call collect 212 269-5550, others call 888 887-0082).

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