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CPG International gets needed consents to amend floaters, 10½% notes
By Susanna Moon
Chicago, Feb. 18 - CPG International Inc. said that investors tendered $245,472,000 principal amount, or 88.3%, of subsidiary CPG International I Inc.'s senior floating-rate notes due 2012 and 10½% senior notes due 2013 as of 5 p.m. ET on Feb. 15, the consent time.
After settlement on Friday, $4.62 million of the floaters and $27,908,000 of the 10½% notes remain outstanding.
CPG International said it received consents from more than a majority of the notes and has executed a supplemental indenture.
The company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and eliminate or modify some events of default and related provisions.
For each $1,000 principal amount, holders received $1,004.50 for the floaters and $1,033.00 for the 10½% notes. These amounts included a $30.00 consent payment for each note tendered by the consent date.
The company also paid accrued interest up to but excluding the payment date.
Holders may continue to tender notes until midnight ET on March 2. The offer began on Feb. 2.
The company previously said it expected to fund the offers with borrowings under some contemplated new senior secured credit facilities and with cash on hand.
The offers are conditioned on the receipt of at least a majority of the outstanding notes and the company entering into the new credit facilities.
CPG said it will redeem for cash any notes outstanding after the tender offers at par for the floaters and at $1,026.25 per $1,000 principal amount for the 10½% notes.
Holders also will receive accrued interest to but not including the redemption date of March 21.
The dealer manager and solicitation agent is Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-5912). The information agent is Global Bondholders Services Corp. (866 470-4200 or 212 430-3774).
CPG manufactures building products designed to replace wood, metal and other traditional materials. It is based in Scranton, Pa.
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