Aavid Thermal receives consents needed to amend 12¾% note indenture

By Angela McDaniels

Seattle, March 23 - Aavid Thermal Technologies Inc. said that holders of 99.96% of its 12¾% senior subordinated notes due 2007 submitted consents to amend the indenture governing the notes during the company's tender offer and consent solicitation.

The consent solicitation ended Tuesday. Noteholders who submitted consents will receive a consent payment of $25.00 per $1,000 principal amount of notes.

The amendment to the note indenture eliminates substantially all of the restrictive covenants and reporting covenants and some events of default.

The amendment also changes the minimum notice requirement for redemption of the notes to allow the company to redeem within five days any notes that remain outstanding following the end of the tender offer on April 5 and the acquisition of the company by Ansys Inc., which will also acquire the computational fluid dynamics software business of Aavid Thermal subsidiary Fluent Inc.

The amendment will not become effective until the consummation of proposed acquisitions.

Aavid Thermal is based in Concord, N.H., where it develops and markets computational fluid dynamics software and provides thermal management solutions for electronic products.

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