August 21, 2017 10:21 AM ET

Machinery

Company Overview of Park-Ohio Industries Inc.

Company Overview

Park-Ohio Industries, Inc. provides supply chain management outsourcing services. The company’s Supply Technologies segment provides Total Supply Management services, such as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing, and technical support for supplying production parts and materials; production components, including valves, fuel hose assemblies, electro-mechanical hardware, labels, fittings, steering components, and others; spare parts and aftermarket products; and precision cold formed and cold extruded products. Its Assembly Comp...

6065 Parkland Boulevard

Cleveland, OH 44124

United States

Founded in 1984

5,900 Employees

Phone:

440-947-2000

Fax:

440-947-2099

Key Executives for Park-Ohio Industries Inc.

Chairman and Chief Executive Officer
Age: 78
President, Chief Operating Officer and Director
Age: 47
Chief Financial Officer, Principal Accounting Officer and Vice President
Age: 56
Secretary
Age: 56
Compensation as of Fiscal Year 2017.

Park-Ohio Industries Inc. Key Developments

Park-Ohio Industries, Inc. and Park-Ohio Holdings Corp. Enter into an Indenture Relating to the Issuance of $350 Million Principal Amount of 6.625% Senior Notes Due 2027 with Wells Fargo Bank, National Association

On April 17, 2017, Park-Ohio Industries Inc. and a wholly owned subsidiary of Park-Ohio Holdings Corp. and its material domestic subsidiaries entered into an indenture with Wells Fargo Bank, National Association, as trustee, relating to the issuance by the Company of $350 million aggregate principal amount of 6.625% Senior Notes due 2027. The Notes were sold on April 17, 2017 in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the Securities Act), have not been and will not be registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The Notes bear an interest rate of 6.625% per annum and will be payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2017. The Notes mature on April 15, 2027. The Notes are unsecured senior obligations of the Company and are guaranteed on an unsecured senior basis by the Guarantors.

Park-Ohio Industries, Inc. Announces $350 Million Debt Offering

Park-Ohio Industries Inc. announced that it has priced its offering of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”) in an offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be general unsecured obligations of the company and will be guaranteed, with certain exceptions, by the company’s existing and future domestic subsidiaries. In connection with the offering of the Notes, the company intends to enter into a new revolving credit facility by amending and restating the agreement governing its existing credit facility. The company intends to use a portion of the net proceeds from the offering of the Notes to purchase any and all of its outstanding $250.0 million aggregate principal amount of 8.125% senior notes due 2021 in a cash tender offer that it commenced on March 31, 2017. The company intends to use the remaining net proceeds to repay a portion of the amounts outstanding under its credit facility.

Park-Ohio Industries Inc. Launches Cash Tender Offer and Consent Solicitation for its Outstanding Senior Notes Due 2021

Park-Ohio Industries Inc. announced that it is commencing a cash tender offer and intends to purchase any and all of its outstanding $250.0 million aggregate principal amount of 8.125% senior notes due 2021. The tender offer is being made pursuant to an Offer to Purchase and Consent Solicitation Statement and a related Letter of Transmittal and Consent, dated March 31, 2017. The tender offer is scheduled to expire at midnight, New York City time, at the end of April 27, 2017, unless extended or earlier terminated. In conjunction with the tender offer, Park-Ohio Industries will be soliciting consents to proposed amendments to the indenture governing the Notes. The amendments would eliminate substantially all restrictive covenants and certain events of default, would allow for a shorter period, as acceptable to the Trustee, in which the company are required to give notice to Trustee of a redemption and would shorten the minimum period required to deliver notice of redemption of the Notes to holders to three business days. Holders that tender their Notes will be required to consent to the proposed amendments, and holders that consent to the proposed amendments will be required to tender their Notes. Tenders of Notes may be validly withdrawn and consents may be validly revoked at any time prior to 5:00 p.m., New York City time, on April 13, 2017 (the “Withdrawal Deadline”). Tenders of Notes and deliveries of consents made after the Withdrawal Deadline may not be validly withdrawn or revoked except in the limited circumstances described in the Offer to Purchase and Consent Solicitation Statement. Holders who validly tender their Notes and deliver their consents to the proposed amendments to the indenture governing the Notes before 5:00 p.m., New York City time, on April 13, 2017, unless extended (the “Early Tender Deadline”), will be eligible to receive the Total Consideration (as defined below). Holders that validly tender Notes prior to the Early Tender Deadline and have their Notes accepted for purchase are expected to receive payment of the Total Consideration promptly following the Early Tender Deadline on the initial payment date (the “Initial Payment Date”). The Initial Payment Date is currently expected to occur on April 14, 2017. The “Total Consideration” offered is an amount, paid in cash, equal to $1,032.08 for each $1,000 principal amount of the Notes validly tendered and accepted for purchase, plus accrued and unpaid interest to, but not including, the settlement date. The Total Consideration includes an early tender premium (the “Early Tender Premium”) of $30.00 for each $1,000 principal amount of Notes accepted for purchase that were validly tendered and not withdrawn prior to the Early Tender Deadline. Holders that tender their Notes after the Early Tender Deadline but prior to the Expiration Date will be eligible to receive $1,002.08 for each $1,000 principal amount of Notes validly tendered and accepted for payment, plus accrued and unpaid interest to, but not including, the settlement date. The settlement date for Notes accepted for purchase that were validly tendered on or after the Early Tender Deadline but before the Expiration Date, is currently expected to occur on April 28, 2017. Park-Ohio Industries intends to finance the tender offer and pay the early tender premium and related fees and expenses with a portion of the net proceeds from the issuance of new long-term debt.

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