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Texas Petrochemicals starts conversion offer for 7¼% notes
New York, Nov. 30 - Texas Petrochemicals LP said it, its TP Capital Corp. subsidiary and parent Texas Petrochemicals, Inc. have begun an early conversion offer for their $60 million of 7¼% senior secured convertibles notes due 2009.
Holders who participate will receive common stock in Texas Petrochemicals at the regular conversion price of $9.340033 per share plus a special conversion fee.
The fee will be calculated as $232.58 per $1,000 principal amount plus either 5% of the shares that will be issued or the cash equivalent using the $19.50 closing price of the stock on Nov. 28.
As an example, the company said that if conversion occurred on Dec. 30 then holders would receive 107 shares, $232.58 in cash and a further five shares or $97.50.
The Houston-based chemical company is also soliciting consents to amend the note indenture to remove substantially all of the restrictive covenants.
The offer is subject to Texas Petrochemicals receiving the necessary consents to amend the notes and conversion of at least $50 million of the notes.
The offer ends at 5 p.m. ET on Dec. 28.
Global Bondholder Services Corp. is the information agent (866 470-3800 or 212-430-3774).
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