Alliant Holdings I noteholders tender 95.2% of 11% notes due 2015

By Angela McDaniels

Tacoma, Wash., Jan. 2 - Alliant Holdings I, Inc. received tenders for $252.32 million, or 95.2%, of its 11% senior notes due 2015 during a cash tender offer and consent solicitation, according to a company news release.

The tender offer began Dec. 3 and ended at 11:59 p.m. ET on Dec. 31.

The consents received allowed the company to enter into a supplemental indenture that eliminates substantially all of the restrictive covenants, some events of default and related provisions in the indenture governing the notes.

The total purchase price is $1,032.08 per $1,000 principal amount of notes. This includes a consent payment of $34.58 per $1,000 principal amount of notes tendered by 5 p.m. ET on Dec. 14, the consent date.

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

Holders who tendered their notes had to deliver consents and vice versa.

The tender offer and consent solicitation were made in connection with merger plans with Alliant Holdings I, LLC, the ultimate parent of the company, A-S LP, A-S Parent Inc. and A-S Merger Sub LLC.

The offer was conditioned on the completion of debt financings and the closing of the merger. These conditions have been satisfied.

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

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

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