| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Altra completes offer for 9% notes, redeems remaining notes in full
By Jennifer Chiou
New York, Dec. 10 - Altra Holdings, Inc. announced that its subsidiary, Altra Industrial Motion, Inc., wrapped its tender offer after having previously accepted the $167.9 million, or about 82%, of 9% senior secured notes due 2011 tendered by the early deadline of 5 p.m. ET on Nov. 24.
The offer expired at midnight ET on Dec. 9 with no additional tenders.
Following the expiration of the offer, the company redeemed the remaining notes.
Altra Industrial already paid $179.4 million for the tendered notes, which included $167.9 million for the principal, $7.3 million in interest and $4.2 million of early tender premiums.
Altra Industrial also said it received waivers of rights to written notice of redemption from holders of roughly 82% of the outstanding notes.
The company paid $1,025 per $1,000 principal amount for notes tendered by the early tender deadline. The total included a $25.00 per $1,000 early tender premium.
Altra also paid accrued interest up to but excluding the payment date.
When it announced the offer on Nov. 10, Altra said that if it received the necessary waiver of rights to a written notice of redemption, it would deliver a notice of redemption and waiver for any notes still outstanding after the early tender deadline and redeem them as soon as possible after the tender was completed.
The offer was subject to conditions, including that Altra receive at least $200 million from the sale of senior notes.
Jefferies & Co., Inc. (888 708-5831) and Banc of America Securities LLC were the dealer managers. D.F. King & Co., Inc. (800 290-6427) was the information agent and the Bank of New York Mellon Trust Co., NA is the depositary.
Altra is an automotive parts supplier based in Quincy, Mass.
© 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.