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Stoneridge holders tender enough 11½% senior notes to amend indenture
By Susanna Moon
Chicago, Oct. 4 - Stoneridge, Inc. said investors tendered $109,733,000 of its 11½% senior notes due 2012 as of Oct. 4.
The company also said it received the required consents to amend the notes to eliminate most of the restrictive covenants and events of default.
As a result, a supplemental indenture has been executed and delivered, according to a company press release.
The consent payment deadline was 5 p.m. ET on Oct. 1. Tendered notes may not be withdrawn after the consent deadline.
The tender offer will expire at 11:59 p.m. ET on Oct. 18. It began on Sept. 20.
Payment for the notes purchased will be made on Oct. 4.
The total payment will be $1,002.50 for each $1,000 principal amount of notes tendered by the early deadline, which includes a consent fee of $2.50 per note.
Holders who tender their notes after the consent date but by the expiration time will receive only the tender offer payment of par.
The company also will pay accrued interest up to but excluding the payment date.
The offer requires consents from holders of a majority of the outstanding notes and at least $175 million in proceeds from an offering of new senior secured notes.
The existing notes are currently redeemable at par. The company said it planned to redeem any notes not tendered and accepted for purchase.
J.P. Morgan Securities LLC (800 245-8812 or 212 834-2046) is the dealer manager. Global Bondholder Services Corp. (866 470-3900 or 212 430-3774) is the depositary and information agent.
Based in Warren, Ohio, Stoneridge is a designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the medium- and heavy-duty truck, automotive and agricultural and off-highway vehicle markets.
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