Alliant begins tender offer, consent bid for 11% senior notes due 2015

By Susanna Moon

Chicago, Dec. 3 - Alliant Holdings I, Inc. said it began a cash tender offer and consent solicitation for its outstanding 11% senior notes due 2015.

The total purchase price will be $1,032.08 per $1,000 principal amount of notes tendered by 5 p.m. ET on Dec. 14, the consent date.

The total payment includes a consent payment of $34.58 per $1,000 principal amount.

Holders who tender their notes after the consent deadline will receive $997.50 per $1,000 of notes.

The offer will end at 11:59 p.m. ET on Dec. 31.

The company also will pay accrued interest up to but excluding the settlement date.

Alliant is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, events of default and related provisions, according to a company press release.

Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.

The tender offer and consent solicitation are being made in connection with merger plans with A-S LP, the release noted.

The offer is conditioned on the completion of debt financings and the closing of the merger.

J.P. Morgan Securities LLC (800 245-8812 or collect 212 270-1200) is the dealer manager and solicitation agent. i-Deal LLC (888 593-9546 and collect 212 849-5000) is the information agent.

Alliant Holdings is a Newport Beach, Calif.-based specialty-oriented insurance broker.

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