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JLG gets necessary consents in tenders for 8¼% notes, 8 3/8% notes
By Jennifer Chiou
New York, Nov. 22 - JLG Industries, Inc. announced it received the required consents in cash tender offers for any and all of its $89.545 million of 8¼% senior notes due 2008 and $113.75 million of 8 3/8% senior subordinated notes due 2012.
As of the consent deadline at 5 p.m. ET on Nov. 21, the company obtained tenders from holders of more than 97.5% of its 8¼% notes and more than 99.2% of its 8 3/8% notes. The company added it will execute a supplemental indenture.
The offers expire at midnight ET on Dec. 5. They began on Nov. 6.
For each $1,000 principal amount of notes, the company will pay $1,038.29 for the 8¼% notes and $1,054.84 for the 8 3/8% notes.
The company calculated the payouts based on a fixed spread of 50 basis points over the bid side yield on the 4.875% Treasury due April 30, 2008 for the 8¼% notes and the 3.5% Treasury due May 31, 2007 for the 8 3/8% notes.
The payouts include a $30.00 per $1,000 principal amount consent payment for those who tendered by the consent deadline. Pricing was set at 2 p.m. ET on Nov. 21.
The McConnellsburg, Pa., provider of access equipment and highway-speed telescopic hydraulic excavators received enough consents to eliminate most of the restrictive covenants and events of default in the note indentures.
JLG said that the offers are required by the merger agreement with Oshkosh Truck Corp. and Steel Acquisition Corp.
The dealer managers are J.P. Morgan Securities Inc. (call collect 212 270-3994) and Banc of America Securities LLC (call collect 704 388-9217). The information agent is Innisfree M&A Inc. (888 750-5834 or call collect 212 750-5833).
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