AEP Industries buys 83.4% of 9 7/8% notes in tender

New York, March 18 - AEP Industries Inc. said it completed its tender offer for its $200 million principal amount of 9 7/8% senior subordinated notes due 2007, buying $166.867 million or 83.4% of the securities.

The tender expired at midnight ET on March 17.

AEP previously said that by the consent deadline of midnight ET on March 3 it had received tenders and consents for $166.818 million or 83.4% of the notes.

The South Hackensack, N.J., plastic packaging manufacturer announced the tender on Feb. 17 and said it was also soliciting consents to amendments to the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

For each $1,000 principal amount of notes, the company paid $1,021.80 including a $20 consent payment that was only made to holders who ender before the consent deadline. After that the payment is $1,001.80 per $1,000 principal amount.

All holders received accrued interest up to but excluding the payment date.

Merrill Lynch & Co. is the dealer manager and solicitation agent (call collect 212 449-4914 or 888 ML4-TNDR). D.F. King & Co., Inc. is the information agent (212 269-5500 or 800 714-3313).

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