Solar Capital, holding company noteholders exchange DSW Group notes

By Caroline Salls

Pittsburgh, May 14 - Solar Capital Ltd. and other holding company noteholders exchanged their DSW Group, Inc. PIK notes due Feb. 28, 2012 for preferred and common equity of DSW in April, according to a 10-Q filed with the Securities and Exchange Commission.

Interest on the notes is 15%, with 11% of that to be paid in cash and 4% paid in kind.

DSW Group, Solar Capital's largest investment, has completed its recapitalization.

According to the 10-Q, holding company noteholders also received a majority of DSW's common equity, control of the board and control over significant corporate actions, including refinancing and exit alternatives.

Solar Capital is a New York-based closed-end investment company that invests primarily in leveraged, middle-market companies in the form of senior secured loans, mezzanine loans and equity securities.

DSW Holdings, Inc. is the holding company for Atlanta-based DS Waters of America, Inc., a manufacturer and distributor of home, office and retail bottled water.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.