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Weyerhaeuser nixes Dutch auction, will pay fixed price for 6¾% notes
By Angela McDaniels
Tacoma, Wash., Nov. 25 - Weyerhaeuser Co. amended the tender offer for its 6¾% notes due March 15, 2012 to fix the offer price at $1,062.50 per $1,000 principal amount, according to a company news release.
Holders will also receive accrued interest up to the settlement date, which is expected to be Dec. 10.
When the offer began on Nov. 10, the company planned to determine the purchase price via a modified Dutch auction. Holders who tendered were instructed to submit a bid price of between $1,030.00 and $1,062.50 per note.
The purchase price was going to include a premium of $30.00 for each note tendered by Nov. 24, the early tender date. Following the amendment, all holders will receive the same price regardless of whether their notes were tendered before or after Nov. 24.
Weyerhaeuser is offering to purchase up to $500 million of the $1,433,122,000 principal amount of notes outstanding.
The company said holders had tendered $318,372,000 principal amount of notes as of Nov. 24.
The offer will expire at midnight ET on Dec. 9.
Bank of America Merrill Lynch (888 292-0070 or collect at 646 855-3401, attn. debt advisory services) and Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106, attn. liability management desk) are the lead dealer managers. Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and Goldman, Sachs & Co. are the co-dealer managers.
Global Bondholder Services Corp. (866 804-2200 or collect at 212 430-3774) is the depositary and information agent.
Weyerhaeuser is a timber company based in Federal Way, Wash.
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