Securus Technologies extends consent solicitation for 11% notes to March 10

By Angela McDaniels

Seattle, March 3 - Securus Technologies Inc. extended its consent solicitation to amend the indenture of its $154 million of 11% second-priority senior notes due 2011 to 5 p.m. ET on March 10 from 5 p.m. ET on March 2, according to a company news release.

The company said the proposed amendment would increase the amount of debt Securus may incur under its credit facility to $60 million from $30 million and allow Securus to pursue strategic opportunities to acquire corrections market assets.

For each $1,000 principal amount of notes, the company will pay a $10.00 consent fee.

Securus must obtain consents from holders of a majority of the notes, after which the company intends to execute a supplemental indenture, according to the release.

The amendment is conditioned upon Securus closing an acquisition of selected inmate telecommunication businesses that meets certain financial criteria.

Morgan Stanley & Co. Inc. (212 761-1864) is solicitation agent. Global Bondholder Services Corp. (866 470-4500) is information agent, tabulation agent and paying agent.

Securus is based in Dallas and provides detainee telecommunications and information management products.

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