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Altra Industrial receives consents for 11¼% notes
By Jennifer Chiou
New York, March 26 - Altra Industrial Motion, Inc. said it obtained consents from holders of £18.875 million or about 88% of its 11¼% senior notes due 2013, enough to amend the note indenture, as of the 5 p.m. ET on March 23 deadline.
Altra said it entered into a supplemental indenture.
On March 20, the company entered into a supplemental indenture for the 9% notes after receiving consents from holders of all $165 million of its 9% senior secured notes due 2011.
The deadline for the solicitation was 5 p.m. ET on March 21. For the 11¼% notes, Altra had extended the solicitation to 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 had not received the consents it needed to amend the notes, Altra Holdings, the parent company, would have caused 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 £5.00, up from £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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