Cooper Tire buys $61.56 million 7¾% notes, $72.02 million 7 5/8% notes, $41.42 million 8% notes

New York, Dec. 13 - Cooper Tire & Rubber Co. announced results of its cash tender offer for $175 million total of its 7¾% notes due 2009, 7 5/8% notes due 2027 and 8% notes due 2019.

By the expiration, $61.558 million of the 7¾% notes were validly tendered and not withdrawn and Cooper accepted all for payment. For the 7 5/8% notes, $72.020 million were validly tendered and not withdrawn and again Cooper accepted all for payment.

For the 8% notes, $71.937 million were validly tendered and not withdrawn. Cooper accepted $41.422 million for a pro ration factor of 57.62%.

Cooper said it expects to buy the notes on Dec. 15.

On Nov. 29, Cooper Tire said it had fixed pricing. For the 7¾% notes, the price is $1,008.71 per $1,000 principal amount, for the 7 5/8% notes the price is $893.20 per $1,000 principal amount and for the 8% notes the price is $965.36 per $1,000 principal amount.

All prices include the $30.00 per $1,000 early tender premium.

Cooper announced the tender on Nov. 15 and pricing was fixed using a spread over a reference Treasury security at 2 p.m. ET on Nov. 29.

For the 7¾% notes, the reference security was the 3½% Treasury note due Dec. 15, 2009 and a spread of 310 basis points, for the 7 5/8% notes, the reference security was the 5 3/8% Treasury note due Feb. 15, 2031 and a spread of 405 basis points, and for the 8% notes, the reference security was the 4½% Treasury note due Nov. 15, 2015 and a spread of 395 basis points.

The totals include an early tender premium of $30 per $1,000 principal amount that will only be paid to holders who tendered by 5 p.m. ET on Nov. 29.

The tender ended at 5 p.m. ET on Dec. 13.

The Findlay, Ohio, tire maker will also pay accrued interest up to but excluding the settlement date.

Available funds will be used to finance the tender offer.

Banc of America Securities LLC is dealer manager (866 475-9886 or 704 388-4603) and Global Bondholder Services Corp. is depositary and information agent (866 807-2200 or 212 430-3774).

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