Schuff again increases consent fee in solicitation for 10½% notes, again extends deadline

New York, Jan. 7 - Schuff International Inc. said it has again increased the fee on offer in its consent solicitation for its $85 million principal amount of 10½% senior notes due 2008.

The company is now offering $0.75 per $100 principal amount instead of $0.50 previously and $0.25 initially.

In addition, the deadline was again extended, this time to 5 p.m. ET on Jan. 14.

Schuff previously increased the fee and extended the deadline on Dec. 29.

Schuff announced the solicitation on Dec. 8, saying it wanted noteholders' consents to eliminate its obligation to publicly file financial reports with the Securities and Exchange Commission if Schuff is no longer required to file these reports under federal securities laws and regulations.

Schuff said that if the change is approved it will cease filing with the SEC but would make substantially similar information available to holders of the notes.

For the change to go ahead, the company must have consents from holders of a majority of the notes.

The solicitation was originally set to expire at 5 p.m. ET on Dec. 20 but has since been extended multiple times.

Guggenheim Capital Markets LLC is the solicitation agent (contact Joe Bencivenga at 212 381-7500). Global Bondholder Services Corp. is tabulation agent and information agent (212 430-3774).

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