logo
Share SHARE
FONT-SIZE Plus   Neg

Actuant To Offer $250 Mln Of Senior Notes Due 2022 - Quick Facts

Actuant Corp. (ATU) said it intends to offer $250 million in aggregate principal amount of senior notes due in 2022 in a private placement, subject to market and other conditions.

The company expects the offering will be completed in April 2012. The issuance of the notes will be subject to customary closing conditions.

Actuant will use the net proceeds from the offering to fund the tender offer and consent solicitation for, or the redemption by the company of, as applicable, its existing 6.875% senior notes due 2017 of which $250 million aggregate principal amount is outstanding.

Separately, the company said it initiated an offer to purchase for cash any and all of the $250 million outstanding principal amount of its 6.875% Senior Notes due 2017. In conjunction with the tender offer, Actuant is soliciting consents to effect certain proposed amendments to the indenture governing the notes.

The total consideration to be paid for each $1,000 principal amount of the notes tendered, and not validly withdrawn, will be $1,042.16. The total consideration includes a consent payment of $30.00 per $1,000 principal amount, which is payable only to holders who tender their notes and validly deliver their consents prior to the expiration of the consent solicitation. Holders who tender their notes after the expiration of the consent solicitation, but on or prior to the tender expiration, will receive the tender offer consideration of $1,012.16, which is the total consideration minus the consent payment.

The consent solicitation will expire at 5:00 p.m., New York City time, on April 13, 2012, unless terminated or extended. The tender offer will expire at 12:00 midnight, New York City time, on April 27, 2012, unless terminated or extended.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Even after two years of thoroughly searching across the Indian Ocean, using modern technologies and devices, there is no clue about the Malaysian airline that vanished on March 8, 2014. Internet access is growing worldwide, but there is still a long way to go before the entire world is completely wired, a study from the Pew Research Center has found. The study also noted that men have greater access to the Internet than women in many nations. Backtracking on its early announcements on digital privacy, WhatsApp is planning to share member information, phone numbers and analytical data with Facebook, to make revenue from the platform.
comments powered by Disqus
Follow RTT