Brady Corp. tenders for up to $100 million of private placement notes

New York, May 28 - Brady Corp. said it has begun a cash tender offer for up to $100 million principal amount of its private placement notes.

Securities covered by the offer are its series 2004-A senior notes due 2014, series 2006-A senior notes due 2016, and series 2007-A senior notes due 2017.

The company is offering to pay par plus accrued interest up to but excluding the payment date.

Brady said the offer is part of its effort to reduce its outstanding debt and, by doing so, its interest expense.

Funding will come from cash on hand and, if necessary, through credit facility borrowings.

The tender ends on June 18.

There is no minimum amount that must be tendered for the offer to be completed.

Brady originally issued $500 million of notes in the three private placements, according to its most recent 10-Q filing with the Securities and Exchange Commission. They each amortize over seven years, with initial payment dates beginning from 2008 to 2011.

Brady is a Milwaukee-based maker of labels and signs, printing systems and software, label-application and data-collection systems, safety devices and precision die-cut metals.

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