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Keystone Automotive exchanges $172.7 million of 9¾% notes for stock
By Angela McDaniels
Tacoma, Wash., March 29 - Keystone Automotive Operations, Inc. received tenders for about $172.7 million principal amount its 9¾% senior subordinated notes due 2013, according to a company news release.
An exchange offer for the notes began Feb. 15 and ended at 5 p.m. ET on March 28. The settlement date was March 29.
In exchange for their notes, the holders received their pro rata share of an estimated 22% of the new common stock of Keystone's holding company and the ability to purchase, through a $60 million rights offering, their pro rata share of about 47.4% of the new common stock.
The exchange offer was conditioned on the receipt of tenders for at least 98% of the notes.
The company also solicited acceptances of a pre-packaged plan of reorganization. Keystone said that if the minimum tender condition had not been met, it would have looked to implement the restructuring by starting Chapter 11 cases and seeking confirmation of the pre-packaged plan.
Garden City Group, Inc. (888 476-7159) was the exchange agent and the information agent.
Keystone is an Exeter, Pa.-based distributor and marketer of specialty automotive accessories.
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