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TreeHouse Foods gets early tenders for about 75% of 7¾% notes due 2018
By Susanna Moon
Chicago, March 11 - TreeHouse Foods, Inc. said investors had tendered $298 million principal amount, or 74.55%, of its $400 million outstanding 7¾% senior notes due 2018 by 5 p.m. ET on March 10, the consent date.
The company settled the early tendered notes on March 11, using proceeds of a $400 million issue of new notes to fund the payment, and executed a supplemental indenture to the notes, according to a company press release.
TreeHouse also is soliciting consents to amend the notes to eliminate most of the covenants and events of default, which requires the consent from holders of at least a majority of the outstanding notes.
The tender offer will continue until 11:59 p.m. ET on March 24. The offer began on Feb. 25.
The total purchase price was $1,042.75 per $1,000 principal amount of notes tendered by the consent deadline.
The total amount included a consent payment of $30.00 for each $1,000 principal amount.
Those who tender their notes after the consent date will receive $1,012.75 per $1,000 of notes.
The company also will pay accrued interest on the settlement date, with the final settlement date expected to be on the business day after the offer ends.
Holders who tender their notes will be deemed to have consented to the proposed amendments.
The tender offer was conditioned on the company receiving at least $380 million of net proceeds from its offering, which has now been satisfied.
TreeHouse priced $400 million of eight-year senior notes at par to yield 4 7/8% on Feb. 25, as previously reported by Prospect News.
Proceeds for the offer also will come from borrowings under the company's revolving credit facility.
The company previously said it planned to redeem any notes that remain outstanding after the offer but was unsure of the timing. The notes currently are redeemable only on a make-whole basis. They are callable beginning March 1 with a call premium.
The issuer is an Oak Brook, Ill.-based food manufacturer.
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