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Terra Capital gets needed consents from holders of 50.37% of 7% notes
By Jennifer Chiou
New York, Oct. 16 - Terra Industries Inc. subsidiary Terra Capital, Inc. announced that holders of $166.22 million, or 50.37%, of its $330 million of 7% senior notes due 2017 gave consents in the offer for the notes, enough to amend the note indenture.
The results are as of 1:30 p.m. ET on Oct. 16.
The company previously increased the purchase price and eliminated the consent payment in the tender offer.
As already reported, the purchase price is $1,153.75 per $1,000 principal amount of notes. Holders will also receive accrued interest up to but excluding the payment date.
The company was previously offering $1,045.00 per $1,000 principal amount of the notes, including a fee of $30.00 for notes tendered by 5 p.m. ET on Oct. 7, the consent payment deadline.
Terra Capital had already extended the offer expiration to midnight ET on Oct. 26 from Oct. 22.
The company is soliciting consents to eliminate substantially all of the restrictive covenants and events of default in the indenture. Holders cannot tender their notes without delivering consents and vice versa.
The tender offer is conditioned on the receipt of tenders and consents from holders of at least a majority of the notes and the receipt of consents from lenders holding a majority of outstanding commitments under Terra Capital's revolving credit facility.
The company said the latter condition has been satisfied.
Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-1862) is dealer manager. U.S. Bank NA is the depositary, and MacKenzie Partners, Inc. (800 322-2885 or collect 212 929-5500) is the information agent.
Terra Industries is a Sioux City, Iowa, nitrogen products company.
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