Doral Financial gets required consents for floaters due 2007

By Jennifer Chiou

New York, Jan. 24 - Doral Financial Corp. announced a successful consent solicitation for its $625 million floating-rate senior notes due 2007.

The company said it executed a supplemental indenture.

The solicitation ended at 5 p.m. ET on Jan. 23.

Under the supplemental indenture, Doral will have until April 24 to file its 10-Qs for the quarters ended March 31, 2005, June 30, 2005, and September 30, and until May 24 to file its 10-K for the fiscal year ended Dec. 31.

The company solicited consents for waivers of defaults that have occurred and that may occur under the note indenture.

For each $1,000 principal amount of floaters, Doral said it will pay a consent payment of $2.50.

The company launched the solicitation, which required consents from a majority of noteholders, on Jan. 9.

Deutsche Bank Securities Inc. is solicitation agent (866 627-0391 or call collect 212 250-2955). Global Bondholder Services Corp. is information agent (866 470-3900 or call collect 212 430-3774).

Doral Financial is a San Juan, P.R., mortgage lender and commercial bank.

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