New Enterprise Stone & Lime Co accepted for purchase approximately $196.47 million (or approximately 96.55%) of the outstanding 2018 notes.
New Enterprise will pay all holders of 2018 Notes accepted for purchase in the tender offer $1,006.00 per $1,000 principal amount of 2018 notes.
It expects to fund the payment for the validly tendered and accepted 2018 notes with the net proceeds of previously announced offering of $200.0 million aggregate principal amount of senior notes due 2022, which was priced at par yesterday with a coupon of 10.125%, together with available cash on hand and borrowings under the company’s revolving credit facilities, if needed.
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