Crum & Forster seeks consents to amend its $330 million in 7¾% notes

By Devika Patel

Knoxville, Tenn., June 16 - Crum & Forster Holdings Corp. has begun a consent solicitation to amend its $330 million in 7¾% senior notes due 2017, according to a press release from parent company Fairfax Financial Holdings Ltd.

Crum & Forster is seeking to amend the reporting covenants of the notes' indenture. The amendment would allow the company to provide statutory quarterly financial statements and audited statutory year-end financial statements and quarterly and year-end financial information extracted from Fairfax's quarterly and annual financial statements in lieu of the reports Crum & Forster currently files with the Securities and Exchange Commission.

Adoption of the amendment requires consents from holders of at least a majority of the notes. The consent solicitation will expire at 5 p.m. ET on June 29.

Crum & Forster will make a cash payment of $10.00 per $1,000 of notes for the consents delivered prior to the expiration time.

Crum & Forster is an insurance company based in Morristown, N.J.; Fairfax is a Toronto-based financial services holding company.

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