CPI extends tender for up to $58 million of floating-rate senior notes

New York, July 30 - CPI International, Inc. said it extended its tender offer for up to $58 million of its floating-rate senior notes due 2015 to 8 a.m. ET on Aug. 1 from midnight ET on July 30.

As announced on July 3, CPI is offering to buy a portion of the outstanding notes for $1,030 per $1,000 principal amount of notes. Holders who tender before 5 p.m. ET July 16 will receive $1,032.50 per $1,000, which includes an early tender premium of $2.50 per $1,000.

Holders also will receive accrued interest up to the settlement date.

If the tendered amount exceeds $58 million, CPI said it would accept notes on a pro rata basis. In applying the proration calculation, CPI will round the principal amount of notes down to the nearest $1,000 and return any notes not accepted for purchase due to proration.

The tender offer is contingent on certain conditions, including Communications & Power Industries, Inc. entering into amended or new senior credit facilities providing for a term loan of $100 million, a revolving facility of $60 million and borrowing initial gross proceeds of at least $100 million under these new senior credit facilities by the settlement date.

The information agent is Global Bondholder Services (866 807-2200 or 212 430-3774). The dealer manager is UBS Securities LLC (888 722-9555, ext. 4210).

CPI, based in Palo Alto, Calif., is the parent company of Communications & Power Industries, Inc., a provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical and scientific industries.

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