TriMas Corporation Completes $250 Million Senior Secured Notes Offering

BLOOMFIELD HILLS, Mich., Dec. 29 /PRNewswire-FirstCall/ — TriMas Corporation (Nasdaq: TRS) today announced the closing of its previously announced private placement offering of $250 million principal amount of 9 3/4% Senior Secured Notes due 2017 (the “Senior Secured Notes”).

The net proceeds of the offering, together with other available cash, was used by TriMas Corporation  to  purchase, redeem or otherwise  retire  all  of  its  outstanding 9  7/8% senior subordinated notes due 2012 and to pay fees and expenses related to the Senior Secured Notes offering, tender costs and expenses associated with the retirement of its outstanding 9 7/8% senior subordinated notes.

The Senior Secured Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933 or the securities laws of any other place and may not be offered or sold in the United States absent registration or an applicable exemption there from. [Read the full article]

OVERLAND PARK, Kan., Dec. 30 /PRNewswire-FirstCall/ — YRC Worldwide Inc. (Nasdaq: YRCW) announced today that it has extended the expiration date for its previously announced exchange offers until 11:59 p.m., New York City time, on December 30, 2009, unless further extended.  

As of 11:59 p.m., New York City time, on December 29, 2009, 94% of the aggregate principal amount of the 5.0% and 3.375% Notes and 59% of the 8 1/2% Notes had been tendered into the exchange offers, representing 84% of the company’s outstanding notes.  As of the prior expiration date on December 28, 2009, 92% of the aggregate principal amount of the 5.0% and 3.375% Notes and 53% of the 8 1/2% Notes had been tendered into the exchange offers, representing 81% of the company’s outstanding notes. [Read the full article]

David Katz of Oppenheimer said in a client note that MGM Mirage’s management anticipates CityCenter will report 2010 margins in the low 20 percent range, compared with his previous 12 percent estimate. Katz said the company’s margin forecast could be optimistic, but he raised his estimate for CityCenter’s earnings before interest, taxes, depreciation and amortization to $196 million from $136 million and increased the casino operator’s price target to $9 from $8.

While management is upbeat on CityCenter’s prospects, Katz feels the stock price already reflects this potential. He maintained a “Perform” rating.

The $8.5 billion CityCenter — a joint project between MGM Mirage and Dubai World — is a 67-acre, six-tower complex of hotels, restaurants, retail shops and a casino that began with the roll out of the Vdara Hotel & Spa, a condo-hotel property, earlier this month. [Read the full article]

CHICAGO, Dec. 30 /PRNewswire-FirstCall/ — United Airlines (“United”), a wholly-owned subsidiary of UAL Corporation (“UAL”) (Nasdaq: UAUA), announced today that it plans to offer, subject to market and other conditions, $500 million aggregate principal amount of senior secured notes due 2013.  The notes will be the senior secured obligations of United.  United’s obligations under the notes will be guaranteed on a senior unsecured basis by UAL and UAL’s subsidiaries that are guarantors or direct obligors under its senior secured credit facility.  The notes will be secured by certain of United’s routes, takeoff and landing slots and airport gate leaseholds utilized in connection with these routes.  The collateral is currently encumbered under United’s senior secured credit facility but would be made available by substituting other collateral into the senior secured credit facility.  United intends to use the net proceeds from the offering for general corporate purposes. [Read the full article]

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