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Advanced Accessory Systems wraps tender offer for 10¾% and 13¼% notes
By Laura Lutz
Des Moines, Sept. 6 - Advanced Accessory Systems, LLC, AAS Capital Corp. and Advanced Accessory Holdings Corp. completed their previously announced tender offer in connection with the acquisition of Advanced Accessory Systems' towing system business by Thule AB.
The companies received tenders for 99.7% of the $150 million 10¾% senior notes due 2011 of Advanced Accessory Systems and AAS Capital and 100% of the 13¼% senior discount notes due 2011 of Holdings.
The deadline for the 10¾% notes was originally set for June 16, and it was repeatedly extended, most recently to 10 a.m. ET on Sept. 6.
As previously reported, the companies paid an amount equal to 96% of the principal amount of the 10¾% notes plus accrued interest up to but excluding the payment date.
They paid an amount equal to 96% of the accreted value of the 13¼% notes on the payment date.
The companies said also paid a consent fee of 5% of the principal amount or accreted value on the payment date for the 13¼% notes that are tendered by the consent payment deadline. The consent fee for the 10¾% notes was earlier augmented to 6¾% of the principal amount from 5%.
As announced on June 5, the companies were soliciting consents to amend the note indentures, eliminating all restrictive covenants and events of default.
The companies received enough consents before the relevant consent deadlines to amend both notes.
Jefferies & Co., Inc. is the dealer manager and solicitation agent (973 912-2888). CapitalBridge is the information agent (call collect 201 499-3500 or 877 746-3583).
Advanced Accessory Systems is a Sterling Heights, Mich., manufacturer of exterior accessories for the automotive original equipment and aftermarket.
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