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Claymont Steel seeks consents to amend its 8 7/8% notes
By Susanna Moon
Chicago, July 1 - Claymont Steel, Inc. said it began soliciting consents to amend its 8 7/8% senior notes due 2015.
The consent solicitation will expire at 5 p.m. ET on July 11. It began on June 27.
Holders of a majority in principal amount of the notes have indicated that they intend to deliver consents, according to a company press release.
RBS Greenwich Capital (877 297-9832 or 203 618-6145) is the solicitation agent for the consent solicitation. D.F. King & Co., Inc. (800 967-7921) is the information and tabulation agent.
The company began a cash tender offer for the notes on Feb. 15 at 101% of par. The offer was to expire at 5 p.m. ET on March 17 and was expected to settle on March 20.
Under terms of the indenture, Claymont Steel was required to make the offer as a result of the previously announced acquisition of Claymont Steel Holdings, Inc., Claymont Steel's sole stockholder, by Evraz Group SA.
The acquisition constitutes a change of control under the indenture governing the notes.
The purchase price is specified by the indenture governing the notes and is lower than recent market quotes, according to a press release.
Holders whose notes are accepted for payment were to receive accrued interest through the settlement date.
Global Bondholder Services Corp. (866 924-2200 or call collect at 430-3774) was the information agent for the tender offer.
On Dec. 18, Evraz, through its subsidiary Titan Acquisition Sub, Inc., began its $23.50-per-share tender offer for Claymont Steel Holdings Inc.
It was previously reported that Evraz agreed to acquire Claymont Steel in a deal valued at $564.8 million to expand Evraz's presence in North America.
Evraz is a Luxembourg-based steel and mining business.
Claymont Steel manufactures and sells custom discrete steel plate and is based in Claymont, Del.
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