GrafTech brings July, August note exchanges to $30 million

New York, Aug. 15 - GrafTech International Ltd. said it has now exchanged $30 million principal amount of its senior notes for stock during July and August.

The Wilmington, Del. manufacturer of natural and synthetic graphite and carbon-based products issued 5.404 million shares for the $30 million of senior notes plus $1 million of accrued interest, according to a filing with the Securities and Exchange Commission.

GrafTech disclosed on July 24 that it had exchanged 2.8 million shares for $15 million principal amount of the senior notes plus accrued interest in July.

And it exchanged $20 million principal amount of the notes plus accrued interest for 3.8 million shares during June.

By the end of the year, GrafTech expects its total debt to be less than $700 million before taking into account possible future asset sales.

ACME to redeem remaining 12% notes

New York, Aug. 15 - ACME Intermediate Holdings, LLC will redeem its remaining $30 million 12% senior secured discount notes on Sept. 30.

The Santa Ana, Calif. television company said it will fund the redemption with cash on hand and initial borrowings under its amended revolving credit facility.

The redemption is required by Oct. 1 under the terms of the amended facility.

The facility remains at $40 million in size but is extended to July 31, 2006 and collateral, financial covenants and interest rates are revised.

Boyd's Collection retires some 9% notes

New York, Aug. 15- The Boyd's Collection Ltd. (B2) said that it purchased and retired $7 million of its outstanding 9% senior subordinated notes due 2008 on July 25.

The company said in its second-quarter 10-Q filing with the Securities and Exchange Commission that it redeemed the notes at a price of 104.5% of face value, as provided for in the notes' indenture, for a total expenditure of $7.3 million. The repurchase was funded via cash from operations.

Boyd's Collection, a Gettysburg, Pa.-based designer, importer, and distributor of branded handcrafted collectibles and other specialty giftware products, issued $165 million of the notes in 1998 as part of a recapitalization of the company, and had repaid $123.6 million of the notes as of June 30, leaving $41.4 million outstanding as of that date.

Boyd's Collection, which also entered into a $325 million senior secured term loan credit agreement and a $40 million credit revolver as part of the 1998 recapitalization, said that as of June 30, it had repaid $274 million of the term loans, leaving a $51 million balance outstanding.

The company further said that in the past 12 months, it had reduced its total debt by $23.7 million.

Danka to redeem 0% notes on Aug. 18

New York, Aug. 15 - Danka Business Systems plc said it will redeem its $47.6 million zero-coupon senior subordinated notes due April 1, 2004 on Aug. 18.

The St. Petersburg, Fla. document services provider issued a redemption notice on July 18 and put $47.6 million in escrow, according to a filing with the Securities and Exchange Commission.

Bio-Rad Laboratories completes tender for 11 5/8% notes

New York, Aug. 15 - Bio-Rad Laboratories, Inc. (Ba3/BB-) Said that it had successfully completed its previously announced cash tender offer for its outstanding 11 5/8% senior subordinated notes due 2007.

The offer expired as scheduled at 12:01 a.m. ET on Aug. 14, without extension. As of that deadline, the company had received tenders from holders of approximately 97% of the notes subject to the tender offer, and has accepted these notes for purchase.

It also announced that it has called for redemption all of the notes remaining outstanding after the completion of the tender offer. The redemption date for the remaining notes will be Sept. 15. The redemption price will be equal to 100% of the principal amount of the notes plus the applicable premium calculated in accordance with the indenture governing the notes, plus accrued and unpaid interest up to Sept. 15.

As previously announced, Bio-Rad, a Hercules, Calif. manufacturer and distributor of life-science research and clinical diagnostic products, said on July 17 that said it had begun a cash tender offer for all $88.715 million of its outstanding 11 5/8% notes, and had also begun soliciting consents to proposed amendments to the notes' indenture that would eliminate substantially all of the restrictive covenants and certain related terms.

The company set a consent deadline of 5 p.m. ET on July 30 and an expiration deadline of 12:01 a.m. ET on Aug. 14, both subject to possible extension.

It said that holders tendering their notes and delivering consents by the consent deadline will receive total consideration of 110.625% of the principal amount of notes validly tendered and accepted for payment, which would include a consent payment of 1.5% of the principal amount.

Holders tendering after the consent deadline but before the offer expiration will receive consideration of 109.125% of the principal amount of tendered notes.

All tendering holders will also receive accrued and unpaid interest on the principal amount of their notes up to, but not including, the date of repurchase.

On July 28, Bio-Rad announced plans to sell $200 million of new senior subordinated notes in a Rule 144A offering, with a portion of the expected deal proceeds to be used to fund its 11 5/8% tender offer.

High yield market syndicate sources reported on Aug. 6 that Bio-Rad had sold an upsized $225 million offering of 7½% senior subordinated notes due 2013.

Goldman, Sachs & Co. (800 828-3182) was the dealer manager and solicitation agent for the offer, and the information agent was Bondholder Communications Group (888 385-2663).

© 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.