Debt Offering. On June 10, 2011, we issued $150 million of 9.500% Senior Notes due 2017 (the “Additional Notes”) at an offering price of 104.75% with net proceeds totaling $148.9 million, including the original issue premium and net of fees. Approximately $134.2 million of those funds were used to prepay our Term Loan and the remaining funds to pay any related fees and expenses associated with such prepayment and the offering of the Additional Notes and for general corporate purposes.
New Euro Facility. Concurrently with the closing of the offering of the Additional Notes, we entered into a new €30.0 million senior secured revolving credit facility (the “Euro Facility”), pursuant to an amendment and restatement of the Term Loan.
Acquisition of Drumet. On June 6, 2011, we signed an agreement to acquire Drumet for an aggregate purchase price of approximately € 37.9 million, in addition to assumed debt of approximately $42.6 million. The aggregate Drumet purchase price was equivalent to approximately $95.0 million using exchange rates in effect at December 31, 2010. Drumet is a leading Eastern European manufacturer of wire and steel wire rope in Poland, with an annual production capacity of approximately 120,000 tons of wire and approximately 30,000 tons of wire rope.
On May 19, 2010, we announced the completion of a private offering of $275 million aggregate principal amount of 9.5% Senior Notes due 2017. WireCo intends to use a portion of the proceeds of the offering to redeem all of its outstanding 11% Senior Notes due 2015. The remainder of the proceeds will be used for general corporate purposes and to pay the fees and expenses associated with the offering.
Previously, we entered into an agreement and plan of merger that provided for our acquisition by a wholly owned subsidiary of Paine & Partners Capital Fund III, L.P., which has offices in Foster City, CA and New York, NY. Completion of this transaction occurred February 8, 2007.
WireCo WorldGroup is dedicated to matching and advancing wire, wire and synthetic rope and electro-mechanical cables to dynamic applications throughout the world. With a global manufacturing and distribution base along with our unmatched technical expertise, the world is our worksite.