Maxim has announced results for its tender offer to purchase aggregate pricipal of its secured notes.
Maxim Crane Works Holdings Capital announced the final results for its previously announced tender offer to purchase up to $132.39 million aggregate principal amount of its outstanding 10.125 percent Second-Priority Senior Secured Notes due 2024 for cash. The Tender Offer expired at midnight, New York City time on October 13, 2020.
As of September 29, 2020, Maxim had been advised by D.F. King & Co. as tender agent and information agent for the Tender Offer, that $184.7 million in aggregate principal amount, or approximately 33.89 percent of the outstanding notes had been validly tendered and not withdrawn in the Tender Offer. On October 14, 2020, the company was advised by D.F. King that no additional outstanding notes had been validly tendered in the Tender Offer after the Early Tender Time and prior to the expiration time.
The company determined a clearing price of $1,027.50 based on the bid prices (as defined in the Offer to Purchase dated September 15, 2020) for all notes tendered at or prior to the expiration time in accordance with the “modified Dutch Auction” procedure described in the Offer to Purchase. The aggregate amount of notes validly tendered and not withdrawn prior to the expiration time exceeded the tender cap. As a result, the Company accepted for purchase $132.39 million aggregate principal amount of the notes, resulting in all notes tendered at or below the Clearing Price being accepted for purchase.
Holders whose notes have been accepted for purchase will receive $1,027.50 per $1,000 principal amount of the notes that the company accepts for purchase, which includes the early tender premium of $30.00 per $1,000 principal amount. Holders of notes accepted for purchase will also be paid accrued and unpaid interest on such notes to, but excluding, the settlement date. The settlement date for the tender offer was October 15, 2020.