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Park-Ohio begins tender offer, consent solicitation for 8 3/8% notes
By Marisa Wong
Madison, Wis., March 8 - Park-Ohio Industries, Inc. said it began a cash tender offer to purchase any and all of its $183.8 million of outstanding 8 3/8% senior subordinated notes due 2014.
Park-Ohio is also soliciting consents to proposed amendments to the indenture governing the notes that would eliminate substantially all restrictive covenants and certain events of default and shorten the minimum period required to deliver notice of redemption to holders.
Holders may not tender their notes without consenting to the proposed amendments, and holders who deliver their consents will be required to tender their notes.
Tenders may be withdrawn and consents revoked at any time prior to 5 p.m. ET on March 21.
The tender offer is scheduled to expire at midnight ET on April 4.
Holders who tender their notes by 5 p.m. ET on March 21 will receive the total payment of $1,030.42 for each $1,000 principal amount of notes, which includes a $30.00 consent premium.
Holders who tender their notes after that time but prior to the expiration date will receive $1,000.42 for each $1,000 principal amount of notes.
Park-Ohio said it will also pay accrued interest to but excluding the settlement date.
The tender offer is conditioned upon the financing of a new long-term debt issuance.
Barclays Capital Inc. (800 438-3242 or 212 528-7581) and J.P. Morgan Securities LLC (800 245-8812 or 212 270-3994) are the dealer managers for the tender offer. Global Bondholder Services Corp. (212 430-3774 or 866 470-4500) is the information agent.
Park Ohio Industries is a Cleveland-based provider of supply chain logistics services.
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