Results of Hutchinson Outstanding 8.50% Notes Tender Offer
$51,7 million aggregate principal amount tendered for purchase
This is a Press Release edited by StorageNewsletter.com on April 13, 2012 at 3:06 pmHutchinson Technology Incorporated announced the final results of its previously announced offer to purchase for cash (Outstanding 8.50% Notes Tender Offer) up to $26,666,000 aggregate principal amount of its outstanding 8.50% Convertible Senior Notes due 2026 (Outstanding 8.50% Notes). The Outstanding 8.50% Notes Tender Offer expired at 9:00 a.m., New York City time, on April 12, 2012.
The company has been advised by D.F. King & Co., Inc., the exchange and information agent for the Outstanding 8.50% Notes Tender Offer, that, as of the expiration of the Outstanding 8.50% Notes Tender Offer, $51,684,000 aggregate principal amount of Outstanding 8.50% Notes had been tendered for purchase (and not properly withdrawn), representing approximately 60.7% of the principal amount of the Outstanding 8.50% Notes.
Because the aggregate principal amount of Outstanding 8.50% Notes tendered for purchase (and not properly withdrawn) exceeded the limit of $26,666,000, the Outstanding 8.50% Notes accepted for purchase will be prorated as provided in the Prospectus and Offer to Purchase dated March 27, 2012, as supplemented by the Supplement to the Offer to Purchase dated March 28, 2012 (collectively, the Offer to Purchase), such that approximately 51.6% of the Outstanding 8.50% Notes tendered for purchase in (and not properly withdrawn from) the Outstanding 8.50% Notes Tender Offer will be accepted.
In accordance with the terms of the Outstanding 8.50% Notes Tender Offer, the company will make cash payments totaling $19,999,500, plus accrued and unpaid interest, for the purchase of $26,666,000 aggregate principal amount of the Outstanding 8.50% Notes tendered and accepted for purchase. The cash payments will be delivered promptly by the company.
A total of $58,504,000 principal amount of Outstanding 8.50% Notes will remain outstanding upon consummation of the Outstanding 8.50% Notes Tender Offer.
Houlihan Lokey acted as the dealer manager in connection with the Outstanding 8.50% Notes Tender Offer.
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