This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Altra Holdings, Inc. Announces Closing of $210.0 Million 8 1/8% Senior Secured Notes Due 2016, Entry Into New Senior Secured Revolving Credit Facility, and Results to Date of Tender Offer by Subsidiary 2009-11-25 16:58 ET - News Release BRAINTREE, Mass., Nov. 25, 2009 (GLOBE NEWSWIRE) -- Altra Holdings, Inc. ("Altra Holdings") (Nasdaq:AIMC), announced today the closing of its offering of $210.0 million 8 1/8% Senior Secured Notes due 2016 (the "Offering"). The Offering resulted in net proceeds to the Company, after deducting initial purchaser discounts and estimated expenses, of approximately $201.9 million.
"We are very pleased with the results of this Offering," said Carl Christenson, President and CEO. "This transaction will provide us with a long term capital structure that will enable us to continue to execute our growth strategy."
Concurrently with the consummation of the Offering, Altra Industrial entered into a new three year senior secured revolving credit facility among Altra Industrial, the guarantors named therein, and JPMorgan Chase Bank, N.A., as administrative agent and the sole initial lender, in the amount of up to $50.0 million.
Altra Holdings also announced today that its wholly-owned subsidiary, Altra Industrial Motion, Inc. ("Altra Industrial"), has accepted for purchase $167.9 million aggregate principal amount of its 9% Senior Secured Notes due 2011 (the "Notes"), or approximately 82% of the total outstanding, which were validly tendered prior to the early tender deadline of 5:00 p.m., Eastern Standard time, on November 24, 2009 (the "Early Tender Deadline"), pursuant to Altra Industrial's previously announced cash tender offer (the "Tender Offer"). Altra Industrial's total obligations for this portion of the Tender Offer equal $179,401,150 (the "Early Tender Total Consideration"), and consist of: (i) $167,900,000 of base consideration for the aggregate principal amount of the Notes tendered pursuant to the Tender Offer; (ii) $7,303,650 of accrued and unpaid interest on the tendered Notes; and (iii) $4,197,500 of early tender premium. Altra Industrial used all of the Offering's net proceeds, together with cash on hand, to pay the Early Tender Total Consideration.
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