Cleary Gottlieb represented Deutsche Bank Securities Inc. as dealer manger in a cash tender offer by Kemet Corporation for any and all of its outstanding 2.25% Convertible Senior Notes due 2026. Approximately $93.9 million in aggregate principal amount of notes, representing approximately 53.67% of the aggregate principal amount, were validly tendered and not withdrawn in the tender offer. The tender offer was subject to a minimum tender condition of at least $87.5 million in aggregate principal amount of notes (representing 50% of the outstanding notes) being validly tendered and not withdrawn. The total consideration paid under the tender offer was $400 per $1,000 principal amount of notes, plus accrued and unpaid interest up to, but not including, the purchase date. Kemet paid for the Notes tendered by drawing on the term loan facility provided by K Financing, LLC, an affiliate of Platinum Equity Capital Partners II, LP. The tender offer launched on May 5 and expired on June 26.
Kemet Corporation, incorporated in Delaware, is a leading manufacturer of the majority of capacitor types, including tantalum, multilayer ceramic, solid aluminum, plastic film, paper and electrolytic capacitors.
