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Advanced Accessory Systems further extends tender offers to Sept. 6
By Laura Lutz
Des Moines, Sept. 1 - Advanced Accessory Systems, LLC, AAS Capital Corp., and Advanced
Accessory Holdings Corp. extended the tender offer for the 10¾% senior notes due 2011 of Advanced Accessory Systems and AAS Capital and the 13¼% senior discount notes due 2011 of Holdings.
The deadline for the tender offers was moved to 10 a.m. ET on Sept. 6.
The deadline for the 10¾% notes was originally set for June 16, and it was repeatedly extended, most recently to Aug. 31.
Settlement of the tender offer is conditioned on the acquisition of some of the assets and businesses of Advanced Accessory Systems by Thule AB. That acquisition is expected to close Aug. 31.
As previously reported, the companies said will pay an amount equal to 96% of the principal amount of the 10¾% notes plus accrued interest up to but excluding the payment date.
They will pay an amount equal to 96% of the accreted value of the 13¼% notes on the payment date.
The companies said that they will also pay a consent fee of 5% of the principal amount or accreted value on the payment date for the 13¼% notes that are tendered by the consent payment deadline. The consent fee for the 10¾% notes was earlier augmented to 6¾% of the principal amount from 5%.
As announced on June 5, the companies were also soliciting consents to amend the note indentures, eliminating all restrictive covenants and events of default. They are also tendering to buy back the securities.
The companies received enough consents before the relevant consent deadlines to amend both notes.
Jefferies & Co., Inc. is the dealer manager and solicitation agent (973 912-2888). CapitalBridge is the information agent (call collect 201 499-3500 or 877 746-3583).
The Sterling Heights, Mich., manufacturer of exterior accessories for the automotive original equipment and aftermarket said the tender is part of its agreement to sell all of the assets of Valley and all Chaas and Advanced Accessory Systems stock to Thule AB.
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