Maverick Tube's 4% convertibles trustee agrees that Tenaris is not a 'public acquirer'

By Angela McDaniels

Seattle, Sept. 18 - The Bank of New York agrees with Maverick Tube Corp.'s opinion that Tenaris SA does not qualify as a public acquirer under the change-of-control terms of Maverick's 4% convertible senior subordinated notes due 2033, according to an 8-K report filed by Maverick with the Securities and Exchange Commission on Monday.

The Bank of New York is the trustee for the convertibles.

The company said it has received inquiries from noteholders as to whether Tenaris meets the definition of a public acquirer under the convertibles' indenture. Maverick has agreed to be acquired by Tenaris.

In June, the company said it does not believe that Tenaris qualifies because its stock is not traded on a U.S. national securities exchange or quoted on the Nasdaq National Market.

Although American depositary shares of Tenaris trade on the New York Stock Exchange, the definition of a public acquirer change of control refers to common stock, not American depositary shares, Maverick Tube added.

Maverick is a steel tube manufacturer based in Chesterfield, Mo.

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