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Aearo sets pricing, gets tenders for all 8¼% notes
By Jennifer Chiou
New York, March 10 - Aearo Co. I said it set pricing and received tenders from holders of all of its $175 million of 8¼% senior subordinated notes due 2012.
For each $1,000 principal amount of notes, Aearo will pay $1,095.15, including a consent payment of $30.00.
The payout is based on a fixed spread of 50 basis points over the yield on the 3% U.S. Treasury note due Feb. 15, 2008.
Aearo will also pay accrued interest up to but excluding the settlement date.
Pricing was fixed at 2 p.m. ET on March 21, at which time the company said it received tenders from holders of 100% of the notes.
On March 10, Aearo said it received the required consents to amend the note indenture. The consent deadline was 5 p.m. ET on March 9.
The Indianapolis-based manufacturer of personal protective equipment solicited consents to amend the note indenture to eliminate substantially all of the restrictive covenants. The company added it expects to execute a supplemental indenture.
The offer is being carried out as part of the previously announced acquisition of Aearo's parent, Aearo Technologies Inc., by Pacer Merger Co.
The offer expires at 8 a.m. ET on March 24.
The offer is subject to conditions, including receipt of sufficient consents to approve the indenture changes and the acquisition being completed by or at the same time as the offer expiration. Aearo needs the consent of holders of a majority of the notes.
The company started the offer on Feb. 24.
Bear, Stearns & Co. Inc. is dealer manager and solicitation agent (call collect 212 272-5112 or 877 696-BEAR). D.F. King & Co., Inc. is the information agent (banks and brokers call 212 269-5550; others call 888 644-5854).
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