Gundle/SLT Environmental wraps tender offer, calls remaining 11% notes

New York, May 25 - Gundle/SLT Environmental, Inc. said it completed its tender offer for its $150 million of 11% senior notes due 2012 and will redeem the remaining securities.

The $17,642,000 notes still outstanding will be redeemed on July 11 at par plus accrued interest up to but excluding the redemption date.

As previously announced, by the consent deadline of 5 p.m. ET on May 25, the company had received tenders consents for $132,358,000, or 88.24%, of the notes. It bought those notes on May 27.

No further notes were subsequently tendered.

The tender offer will expire at 5 p.m. ET on June 10.

The company announced on May 13 that it had begun a tender offer and consent solicitation for its 11% notes.

The company was soliciting consents to proposed amendments to the indenture governing the notes that would eliminate substantially all of the restrictive covenants and some events of default and modify certain other provisions. Consents were needed from the holders of at least a majority of the notes in order to make the amendments.

Holders who tender will be deemed to have consented to the proposed amendments, and holders who consent will be required to tender their notes.

The company paid $1,003.75 per $1,000 principal amount of notes. This payment includes a consent payment of $3.75 for each note tendered by the consent deadline.

Holders also received accrued interest up to but excluding the payment date.

The tender offer was subject to the receipt of the needed consents and the effectiveness of the company's proposed new senior secured credit facilities yielding enough proceeds to refinance its existing revolving credit facility and fund all of its obligations under the tender offer and consent solicitation.

The dealer manager and solicitation agent is Jefferies & Co., Inc. (888 708-5831 or 203 708-5831). The information agent and tender agent is D.F. King & Co., Inc. (800 290-6429 or 212 269-5550).

Gundle/SLT makes geosynthetic lining products used in waste management, mining, water and wastewater treatment, aquaculture and other industrial activities. It is based in Houston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.