Actuant Corporation : Actuant Announces Completion of Tender Offer and Consent Solicitation for Its 6.875% Senior Notes Due 2017 and Redemption of 2% Senior Subordinated Convertible Notes Due 2023
04/30/2012| 09:30am US/Eastern
Recommend:
Actuant Corporation (NYSE: ATU) today announced the completion of its
previously announced tender offer and consent solicitation for its
6.875% Senior Notes due 2017 (the "Existing Notes") and redemption of 2%
Senior Subordinated Convertible Notes due 2023 (the "Convertible Notes").
On April 16, 2012, Actuant accepted for purchase and payment
$228,664,000 of the aggregate principal amount of the Existing Notes
that were validly tendered and not withdrawn at or prior to 5:00 p.m.,
New York City time, on April 13, 2012. No additional Existing Notes were
validly tendered after 5:00 p.m., New York City time, on April 13, 2012,
and prior to the expiration of the tender offer and consent solicitation
at 12:00 midnight, New York City time, on April 27, 2012. The Existing
Notes tendered represent 91.47% of the aggregate principal amount of the
Existing Notes outstanding prior to the launch of the tender offer and
consent solicitation.
Actuant also announced today that it intends to irrevocably call for
redemption on June 15, 2012, the $21,336,000 principal amount of the
Existing Notes that remain outstanding, and intends to deposit with the
trustee under the indenture governing the Existing Notes an amount of
funds sufficient to redeem such Existing Notes on the redemption date,
including all accrued and unpaid interest to the date of redemption. The
notice of redemption will be mailed to the holders of the Existing Notes
on or after May 15, 2012.
In addition, Actuant has completed the previously announced redemption
of the Convertible Notes with substantially all of the holders
converting the Convertible Notes into Actuant common shares prior to the
expiration of the redemption period.
Wells Fargo Securities, BofA Merrill Lynch and J. P. Morgan acted as
Dealer Managers and Solicitation Agents for the tender offer and consent
solicitation, and D.F. King & Co. acted as tender agent and information
agent.
Questions regarding the Existing Notes redemption should be directed to
U.S. Bank National Association, the trustee under the indenture
governing the Existing Notes, at U.S. Bank National Association,
Corporate Trust Services, 60 Livingston Avenue, St. Paul, MN 55107, or
by phone at (800) 934-6802.
This press release does not constitute a notice of redemption under the
indenture governing the Existing Notes. This press release also does not
constitute an offer to purchase the Existing Notes or any other
securities or a solicitation of consents to amend the indenture. The
tender offer and consent solicitation were made solely pursuant to the
tender offer and consent solicitation documents, including the Offer to
Purchase and Consent Solicitation Statement dated April 2, 2012.
About Actuant Corporation
Actuant Corporation is a diversified industrial company with operations
in more than 30 countries. The Actuant businesses are leaders in a broad
array of niche markets including branded hydraulic and electrical tools
and supplies; specialized products and services for energy markets and
highly engineered position and motion control systems. The Company was
founded in 1910 and is headquartered in Menomonee Falls, Wisconsin.
Actuant trades on the NYSE under the symbol ATU. For further information
on Actuant and its businesses, visit the Company's website at www.actuant.com.
Safe Harbor
Certain of the above comments represent forward-looking statements made
pursuant to the provisions of the Private Securities Litigation Reform
Act of 1995. Management cautions that these statements are based on
current estimates of future performance and are highly dependent upon a
variety of factors, which could cause actual results to differ from
these estimates. Actuant's results are also subject to general economic
conditions, variation in demand from customers, the impact of
geopolitical activity on the economy, continued market acceptance of the
Company's new product introductions, the successful integration of
acquisitions, restructuring, operating margin risk due to competitive
pricing and operating efficiencies, supply chain risk, material and
labor cost increases, foreign currency fluctuations and interest rate
risk. See the Company's Form 10-K filed with the Securities and Exchange
Commission for further information regarding risk factors. Actuant
disclaims any obligation to publicly update or revise any
forward-looking statements as a result of new information, future events
or any other reason.
Actuant Corporation
Karen Bauer, 262-293-1562
Communications &
Investor Relations Leader
© Business Wire 2012
Recommend :
