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Tomkins accepts all £259.29 million of tendered 8% notes, 6 1/8% notes
By Marisa Wong
Madison, Wis., Oct. 4 - Pinafore, LLC announced that £40,906,000 of the £150 million outstanding 8% notes due 2011 issued by Tomkins Ltd. and guaranteed by Tomkins Finance Ltd. and £109,292,000 of the £250 million outstanding 6 1/8% notes due 2015 issued by Tomkins Finance and guaranteed by Tomkins were tendered.
All tendered notes have been accepted for purchase and will be cancelled.
Pinafore began a tender offer for the 8% and 6 1/8% notes on Sept. 13. The offer expired at 5 p.m. ET on Oct. 1.
Tomkins will pay 105.787 for the accepted 8% notes tendered by 11 a.m. ET on Sept. 24, the early deadline, and 103.787 for the 8% notes tendered after the early deadline but before the offer expiration.
For the accepted 6 1/8% notes, Tomkins Finance will pay 100.5 for notes tendered by the early deadline and par for notes tendered after that time but before the offer expiration.
Holders will also receive accrued interest up to but excluding the settlement date, which will be Oct. 6. Accrued interest for the 8% notes will be £63.56 per £1,000 principal amount, and accrued interest for the 6 1/8% notes will be £3.36 per £1,000.
Pinafore is a subsidiary of Pinafore Acquisitions Ltd., a newly formed entity created to acquire Tomkins at the direction of Onex Corp. and Canada Pension Plan Investment Board.
As previously reported, the acquisition is not conditioned on any minimum number of notes being purchased in the tender offer, but the tender offer is conditioned on the acquisition becoming effective and the subsequent funding of certain third-party debt.
The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Merrill Lynch International (+44 20 7995 3715/2324 or john.m.cavanagh@baml.com/tommaso.gros-pietro@baml.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or tomkins@lucid-is.com).
Tomkins is an engineering group based in London.
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