Transpacific Industries tenders for 6.75% convertibles at 98 to par

By Susanna Moon

Chicago, Nov. 9 - Transpacific Industries Group Ltd. said it began a tender offer for its 6.75% subordinated convertible notes due 2014.

The purchase price for each A$1,000 principal amount of notes will be based on a clearing price of 98 to par that will be set at pricing.

In order to participate, holders must specify the minimum clearing price, between 98 and par, that is acceptable to them and must tender at least A$100,000 principal amount of notes and in integral multiples of A$1,000 thereafter.

If the company decides to accept any notes for repurchase, it will be at a price at or below the clearing price. Holders may receive the clearing price payment even if they tendered their notes at a lower price, according to a company press release.

Holders also will receive accrued interest to but excluding the settlement date.

The tender offer will end at 5 p.m. ET on Nov. 18. Settlement is slated for Nov. 24.

The company is tendering for the notes as part of a broader refinancing, and the offer "is in line with its objective of delivering a simplified and stable capital structure," according to the release.

Macquarie Capital (Australia) Ltd. (+852 3922 2095, attn: Roland Sharman) is the dealer manager. Australia and New Zealand Banking Group Ltd. is the co-manager. The Bank of New York Mellon (+44 20 7964 4958 or email: debtrestructuring@bnymellon.com) is the tender agent.

Transpacific is a waste management firm based in Milton, Australia.

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