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AEP settles tender offer for 7 7/8% notes, to redeem remaining notes
By Marisa Wong
Madison, Wis., May 2 - AEP Industries Inc. settled the cash tender offer for any and all of its $160.16 million of outstanding 7 7/8% senior notes due 2013 that began on April 4, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company previously announced that investors tendered $133,722,000 principal amount, or 83.49%, of the notes as of 5 p.m. ET on April 15, the early tender date.
As of midnight ET on April 29, investors tendered an additional $5,000 principal amount of the notes after the early tender date. AEP accepted all additional tendered notes for purchase.
As previously reported, AEP paid $1,002.50 per $1,000 principal amount of notes tendered by the early deadline, including an early tender fee of $10.00.
Holders who tendered their notes after the early tender deadline will receive $992.50 per $1,000 principal amount.
AEP will also pay accrued interest up to but excluding the applicable payment date. The early payment date was April 18. The final payment date was May 2.
The remaining $26,433,000 principal amount of notes not tendered and purchased in the tender offer will be redeemed on June 2 at par plus accrued interest up to the redemption date.
The company intends to fund the redemption using proceeds from its issuance of $200 million 8¼% senior notes due 2019.
Merrill Lynch (888 292-0070 or collect 980 388-9217) was the dealer manager and solicitation agent for the offer. D.F. King & Co., Inc. (800 290-6426 or collect 212 269-5550) was the information agent.
The issuer is a South Hackensack, N.J., plastic packaging manufacturer.
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