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Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
Park-Ohio offer nets tenders of 60.6%, enough to amend 8 3/8% notes
By Susanna Moon
Chicago, April 7 - Park-Ohio Industries, Inc. said investors tendered $111,476,000 principal amount, or 60.6%, of its $183.8 million of 8 3/8% senior subordinated notes due 2014 by the consent deadline and cash tender offer expiration at midnight ET on April 6.
Park-Ohio said it received enough consents to amend the notes and that it entered into a supplemental indenture, which became operative April 7 on payment for the tendered notes.
As already reported, Park-Ohio solicited consents to amend the notes to eliminate substantially all restrictive covenants and some events of default and shorten the minimum period required to deliver notice of redemption to holders.
The total payment is $1,030.42 for each $1,000 principal amount of notes, which includes a $30.00 consent premium.
The consent deadline was previously extended to midnight ET on April 4 from 5 p.m. ET on March 21 to coincide with the offer expiration. The offer began on March 8.
Park-Ohio also paid accrued interest to but excluding the settlement date.
The tender offer was conditioned upon the completion of a new long-term debt issuance.
The company priced $250 million of restructured 10-year senior notes at par on March 31 to yield 8 1/8%.
Barclays Capital Inc. (800 438-3242 or 212 528-7581) and J.P. Morgan Securities LLC (800 245-8812 or 212 270-3994) are the dealer managers for the tender offer. Global Bondholder Services Corp. (212 430-3774 or 866 470-4500) is the information agent.
Park-Ohio Industries is a Cleveland-based provider of supply chain logistics services.
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