Aeroflex investors tender $32.16 million 11¾% notes by early deadline

By Devika Patel

Knoxville, Tenn., Nov. 22 - Aeroflex Inc. said invests tendered $32.155 million of the company's 11¾% senior notes due 2015 by the early participation deadline of 5 p.m. ET on Nov. 19 as part of a cash offer.

The company also is conducting a loan buyback process for a portion of its 11.75% senior subordinated unsecured term loans. In that offer, $128,353,237.05 of the loan was tendered.

The offers launched on Nov. 5 and are scheduled to expire at midnight ET on Dec. 6.

In each of the offers, the price will be determined in accordance with a modified Dutch auction procedure. Up to $187.25 million will be used to fund the offers. This amount may be modified. The base bid price for the notes offer is $1,070.00 per note and the maximum bid price for the notes is $1,110.00 per note.

The base bid price for the term loan offer is $1,070.00 per $1,000 of outstanding principal and the maximum bid price for the term loan offer is $1,110.00 per $1,000 of outstanding principal.

Holder who tendered their debt prior to the early participation deadline will receive the total tender consideration, which will include an early participation premium.

The offers will be funded with some of the proceeds from Aeroflex Holding Corp.'s initial public offering of stock. The offers are also conditioned upon the company completing the stock offering, among other requirements.

Credit Suisse Securities (USA) LLC (212 538-2147 or 800 820-1653) and Goldman, Sachs & Co. (212 902-5183 or 800 828-3182) are the dealer managers for the notes offer and auction managers for the term loan offer. Global Bondholder Services Corp. (212 430-3774 or 866 470-3700) is the information agent for the notes offer.

Plainview, N.Y.-based Aeroflex makes radio frequency and microwave integrated circuits, components and systems used in wireless communication systems.

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