| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2007 > News item |
FastenTech gets consents needed to amend 11½% notes
By Angela McDaniels
Seattle, April 9 - FastenTech, Inc. has received tenders and consents from holders of 82.93% of its outstanding 11½% senior subordinated notes due 2011, according to a company news release.
The company said it, along with its subsidiary guarantors and note trustee the Bank of New York Trust Co., NA, will execute a supplemental indenture to the indenture to effect the proposed amendments, which will eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions. The amendments will only become operative once the notes are accepted for purchase.
The company began a tender offer and consent solicitation for the notes on March 22. The consent deadline was April 5, and the tender offer will expire at midnight ET on April 18.
For each $1,000 principal amount of notes, tendering noteholders will receive $1,061.25, which includes a $20.00 consent payment for those who tendered by the consent deadline.
FastenTech will also pay accrued interest to the settlement date.
The tender remains conditioned on the completion of the proposed merger of FasTech, Inc. with Dundee MergerCo, Inc., an affiliate of Doncasters Group Ltd.
Credit Suisse Securities (USA) LLC is the dealer manager and solicitation agent (call collect 212 325-7596). D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or toll-free 800 290-6429).
On Oct. 4, 2005, the company received no response to its cash offer to repurchase up to $11.8 million of the notes.
On Sept. 10, 2004, subsidiaries FabriSteel Products, Inc. and Profile Steel & Wire, Co. sold almost all of their respective assets. According to the notes' indenture, FastenTech was required to use a portion of the proceeds for the repurchase.
The company originally issued $175 million of the notes on April 24, 2003.
Based in Minneapolis, FastenTech manufactures and markets specialty components for power generation, military and construction applications.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.