This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Park-Ohio Industries, Inc. Announces Expiration And Results Of Cash Tender Offer And Consent Solicitation For Its 8 3/8% Senior Subordinated Notes Due 2014

CLEVELAND, April 7, 2011 /PRNewswire/ -- Park-Ohio Industries, Inc., a subsidiary of Park-Ohio Holdings Corp. (NASDAQ:  PKOH), announced today the expiration of its previously announced cash tender offer for its outstanding 8-3/8% Senior Subordinated Notes due 2014 (CUSIP Nos. 700677AJ6 and 700677AK3) and the related consent solicitation to amend the indenture governing the Notes.  The tender offer expired at midnight, New York City time, on April 6, 2011 (the "Expiration Time").  The tender offer was made pursuant to an Offer to Purchase and Consent Solicitation Statement and a related Consent and Letter of Transmittal, dated March 8, 2011 (as amended, the "Offer to Purchase").

At or prior to the Expiration Time, $111,476,000 aggregate principal amount of Notes, representing approximately 60.6% of the aggregate principal amount of Notes outstanding (excluding Notes held by affiliates of Park-Ohio Industries), had been validly tendered and not withdrawn pursuant to the tender offer. Park-Ohio Industries has accepted for purchase, and will pay for today, all of the Notes tendered at or prior to the Expiration Time.  Accordingly, Park-Ohio Industries has received consents sufficient to approve proposed amendments to the indenture governing the Notes that eliminate substantially all restrictive covenants and certain events of default and shorten the minimum period required to deliver notice of redemption of the Notes to holders. Park-Ohio Industries and the trustee for the Notes have entered into a supplemental indenture containing the proposed amendments, and the proposed amendments will become operative today upon payment of the total consideration for the tendered Notes.

The total consideration to be paid for Notes that were validly tendered and not validly withdrawn at or prior to the Expiration Time will be equal to $1,030.42 for each $1,000 in principal amount of Notes, plus accrued and unpaid interest on such principal amount of Notes to, but not including, the date of payment for the Notes accepted for purchase.  This amount includes a consent payment of $30.00 for each $1,000 in principal amount of the Notes to holders who validly tendered and did not withdraw their Notes and provided their consents to the proposed amendments to the indenture governing the Notes at or prior to the deadline for delivering such consents, which was the same date and time as the Expiration Time.

This press release is for informational purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of a consent with respect to any of the Notes.  The tender offer and the consent solicitation were made pursuant to the tender offer and the consent solicitation documents, including the Offer to Purchase that Park-Ohio Industries distributed to holders of Notes.  The tender offer and the consent solicitation were not made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs