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Fleetwood Industries Inc. announced today (Oct. 21) its intention to make an exchange offer for its $100 million principal amount of 5% convertible senior subordinated debentures due 2023.
According to the Riverside, Calif.-based company, holders of the existing debentures “currently have the right to put them to Fleetwood at par on Dec. 15.”
Fleetwood will file a registration statement, a tender offer statement, and other related documents with the Securities and Exchange Commission (SEC) in connection with its proposed offer to exchange new senior secured notes and shares of its common stock for the outstanding debentures.
Fleetwood said it continues to hold discussions with certain holders of debentures and also with its lending syndicate regarding the relative rights of its senior lenders and the holders of the securities it plans to issue in the exchange offer, but anticipates commencing the exchange offer on or around Oct. 27.