Altra Industrial receives consents for 9% notes, extends solicitation for 11¼% notes

New York, March 20 - Altra Industrial Motion, Inc. said it received consents from holders of all $165 million of its 9% senior secured notes due 2011 and extended the solicitation for its 11¼% senior notes due 2013.

The company entered into a supplemental indenture for the 9% notes.

The deadline for the solicitation was 5 p.m. ET on March 21.

For the 11¼% notes, Altra extended the solicitation to 5 p.m. ET on March 23.

Altra announced the solicitation for the two series of notes on March 8.

Consents from holders of a majority of each series of notes are required to amend the notes.

The proposed amendments are intended to give the company the necessary flexibility to finance its recently announced acquisition of TB Wood's Corp., in part through the issuance of additional 2011 notes.

If the company does not receive the consents it needs to amend the notes, Altra Holdings, the parent company, would cause a sister holding company to Altra Industrial to complete the acquisition using financing other than the issuance of additional notes.

Consenting noteholders will receive $2.50 in cash for each $1,000 principal amount of 2011 notes and £2.50 in cash for each £1,000 principal amount of 2013 notes.

Jefferies & Co. Inc. (203 708-5831) is solicitation agent, and The Bank of New York Trust Co., NA (212 815-6331) is depositary.

Based in Quincy, Mass., Altra produces electromechanical power transmission products.

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