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Doral Financial gets required consents for three notes series, extends deadline for 7.65% notes
By Jennifer Chiou
New York, Jan. 27 - Doral Financial Corp. said it accepted consents from holders of a majority of its $30 million of 7% senior notes due 2012, its $40 million of 7.10% senior notes due 2017 and its $30 million of 7.15% senior notes due 2022.
The company said it waived the condition that holders of the three series of notes and its $100 million of 7.65% senior notes due 2016 consent to proposed amendments and waiver.
For the 7.65% notes, Doral Financial said it extended its consent solicitation deadline to 5 p.m. ET on Feb. 2 from 5 p.m. ET on Jan. 27.
In related news, on Jan.24, the company announced a successful consent solicitation and said it executed a supplemental indenture for its $625 million floating-rate senior notes due 2007.
The solicitation ended at 5 p.m. ET on Jan. 23.
Under the supplemental indenture, Doral will have until April 24 to file its 10-Qs for the quarters ended March 31, 2005, June 30, 2005, and September 30, and until May 24 to file its 10-K for the fiscal year ended Dec. 31.
The company solicited consents for waivers of defaults that have occurred and that may occur under the note indenture.
For each $1,000 principal amount of floaters, Doral said it will pay a consent payment of $2.50.
Deutsche Bank Securities Inc. is solicitation agent (866 627-0391 or call collect 212 250-2955). Global Bondholder Services Corp. is information agent (866 470-3900 or call collect 212 430-3774).
The company started the consent solicitation for the floaters on Jan. 9 and announced plans to solicit consents for the fixed-rate notes.
Doral Financial is a San Juan, P.R., mortgage lender and commercial bank.
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