Protection One defers interest on 13 5/8% notes, quarterly interest payment on revolver

By Jeff Pines

Washington, July 1 - Protection One, Inc. said it will defer the June 30 interest payment on its 13 5/8% senior subordinated discount notes due 2005 and the quarterly interest payment due on its $215.5 million revolver with affiliates of Quadrangle Group. It has $29.9 million of the notes outstanding.

The Topeka, Kan.-bases commercial and home security monitoring company disclosed the information in a Thursday filing with the Securities and Exchange Commission.

In addition, the company also said it obtained further standstill agreements from Quadrangle Master Funding Ltd. until July 6. Unless Quadrangle objects, the standstill agreement will be extended for three straight weeks.

Westar Energy Inc, the company's former parent, sold its Protection One majority stake to the Quadrangle Group LLC on Feb 17.

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