KAISER ALUMINUM & CHEMICAL EXTENDS CONSENT DATE
KAISER ALUMINUM & CHEMICAL EXTENDS CONSENT DATE HOUSTON, Oct. 23 /PRNewswire/ -- Kaiser Aluminum & Chemical Corp.
(KACC), the operating subsidiary of Kaiser Aluminum Corp. (KAC) (NYSE: KLU), announced today that it has extended to Nov. 3, 1992, from Oct. 27, 1992, the consent date relating to its solicitation of consents to amend certain terms of its outstanding 14-1/4-percent Senior Subordinated Notes Due 1995.
As revised, the consent solicitation provides, subject to the terms and conditions thereof, for a cash payment equal to 2 percent of the principal amount of 14-1/4-percent Notes for which consents have been delivered not later than Nov. 3, 1992, or such later date as consents are received representing at least 66-2/3 percent in principal amount of the outstanding 14-1/4-percent Notes. Subject to the terms and conditions of the related tender offer for the 14-1/4-percent Notes, KACC will purchase all outstanding 14-1/4-percent Notes for a cash purchase price equal to 106.21 percent of the principal amount of tendered 14-1/4-percent Notes, plus accrued interest to, but not including, the date on which such Notes are accepted for purchase. KACC previously announced that it intends to extend the tender offer so that it expires no earlier than 10 business days from the consent date. Dealer managers for the offer and solicitation are Merrill Lynch & Co., The First Boston Corp., and Paine Webber Inc. KACC is one of the world's leading producers of alumina, primary aluminum and fabricated aluminum products. It is a subsidiary of KAC. MAXXAM Inc. (AMEX: MXM) owns 87.3 percent of the common stock of KAC. -0- 10/23/92 /CONTACT: Scott Lamb of Kaiser Aluminum & Chemical, 713-267-3826/ (KLU MXM) CO: Kaiser Aluminum & Chemical Corp.; Kaiser Aluminum Corp. ST: California IN: MNG SU:
GT -- SF004 -- 4230 10/23/92 14:14 EDT
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|Date:||Oct 23, 1992|
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