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Reptron Electronics accepts tenders for 84.18% of senior secured notes due 2009
By Jennifer Chiou
New York, Feb. 6 - Reptron Electronics, Inc. said it received tenders and consents from holders of $25,253,448, or 84.18%, of its senior secured notes due 2009.
The tender offer ended on Feb. 2. The deadline was pushed back from Jan. 31 and, previously, from Jan. 24.
The Tampa, Fla., electronics manufacturing services company solicited consents to amend the note indenture to eliminate most restrictive covenants and certain events of default.
The company said it will pay $0.875 per $1.00 principal amount of notes plus accrued interest up to but excluding the payment date.
The company had received tenders from holders of $25,243,710, or 84.15%, of the notes as of Jan. 31 and for $25,467,259, or 85%, of the notes on Jan. 24.
The offer is a condition to the company's previously announced merger agreement, under which Gator Electronics, Inc. will merge with and into Reptron, with the company continuing as a wholly owned subsidiary of Kimball Electronics Manufacturing, Inc. Under the terms of the amended merger agreement, Kimball will acquire all Reptron stock for $0.75 per share, an increase of $0.07 per share.
The company added that Kimball provided a waiver to reduce the minimum tender amount to 84% from at least 97% of noteholders. Reptron previously said it executed support agreements with about 80% of the noteholders to tender and give consents.
The tender offer is conditioned upon the availability of sufficient funds connected to the merger.
CapitalBridge was the solicitation agent (877 746-3583), and HSBC Bank USA, NA was the depositary (800 662-9844).
The company added it filed a proxy solicitation with the Securities and Exchange Commission linked to the merger.
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