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Claymont Steel says all 8 7/8% notes tendered, extends early tender date
New York, July 16 - Claymont Steel, Inc. said that all $105 million of its 8 7/8% senior notes due 2015 had been tendered as of the early tender date of 5 p.m. ET on July 16.
The company also said it was extending the early tender deadline to 5 p.m. ET on July 24.
Notes may no longer be withdrawn, however.
Claymont announced the tender on July 2 and said it will pay $1,147.50 per $1,000 principal amount of notes tendered plus accrued interest up to but excluding the settlement date.
The payout includes an early tender payment of $20.00 per $1,000 principal amount of notes tendered by the early tender date.
The tender offer will expire at midnight ET on July 30.
Claymont Steel has the option to settle notes tendered by the early tender date on an early settlement date.
The tender offer is subject to the satisfaction or waiver of conditions that include a financing condition. It is not conditioned on the receipt of a minimum amount of notes.
Prior to beginning the tender offer, the company obtained consents from holders of a majority of the notes to amendments that delete or modify substantially all of the restrictive covenants as well as some events of default and related provisions in the indenture.
These amendments will become operative on the early settlement date or, if the company elects to forego early settlement, on the final settlement date.
Claymont Steel said the noteholders received no consent fee; instead, the company agreed to hold the tender offer.
RBS Greenwich Capital (203 618-6145 or 877 297-9832) is dealer manager for the tender offer, and D.F. King & Co., Inc. (800 967-7921) is the information agent.
Claymont Steel manufactures and sells custom discrete steel plate and is based in Claymont, Del.
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