Dayton Superior boosts fee, once more prolongs consent solicitation for 13% notes

By Jennifer Chiou

New York, Nov. 30 - Dayton Superior Corp. announced another extension of the solicitation of consents for its $154.729 million outstanding principal amount of 13% senior subordinated notes due 2009, this time to 5 p.m. ET on Dec. 1.

The solicitation was previously set to expire on Nov. 29 and, before that, on Nov. 28. It began on Nov. 10.

Dayton will now pay a consent fee of $5.00, up from $3.75, for each $1,000 principal amount of notes for which consents are submitted.

The company is seeking to amend the indenture to revise the calculation of the amount of debt the company may incur under its credit facilities.

The company also amended the consent solicitation, adding a supplement to add an additional payment of $2.50 for each $1,000 in principal amount of notes to holders of record on May 1, 2007, unless Dayton has completed a qualifying initial public offering, which is defined as one or more public offerings under an S-1 registration with the Securities and Exchange Commission that raises at least $50 million.

The proposed amendment requires consent from holders of a majority of the notes to take effect.

Global Bondholder Services Corp. (866 857-2200 or 212 430-3774) is the information agent and Morgan Stanley & Co., Inc. (800 624-1808 or 212 761-1941) is the solicitation agent.

Dayton Superior is a Dayton, Ohio-based manufacturer and distributor of metal accessories and forms used in concrete construction and masonry construction.

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