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Mark IV receives consents to amend 7½% notes
New York, June 2 - Mark IV Industries, Inc. said it received consents from holders of a majority of its $250 million of 7½% senior subordinated notes due 2007, enough to allow it to amend the securities.
Mark IV expects to execute a supplemental indenture as soon as possible but it will only go into effect when the company buys the notes.
At its previous announcement on May 23, Mark IV increased the payout and extended the consent solicitation to 5 p.m. ET on June 2.
As revised, the company is offering $1,020, up from $1,010, for each $1,000 in principal amount, including a consent payment of $20.00 per $1,000 that will only be paid to those who tendered by the consent deadline. The deadline had previously been 5 pm. ET on May 26.
Those who tender after the consent deadline but before the expiration of 8 a.m. ET on June 13 will receive par.
Mark IV will also pay accrued interest up to but excluding the settlement date.
The consent solicitation is to eliminate substantially all of the restrictive covenants in the note indenture.
Holders who tender must deliver consents.
Mark IV, an Amherst, N.Y., maker of engineered systems and components for transportation infrastructure, vehicles and equipment, said the offer is part of a refinancing of some of its debt.
The tender is subject to conditions including the receipt of sufficient consents to amend the note indenture and completion of all or most of the refinancing. It began on May 15.
Bear, Stearns & Co. Inc. is dealer manager and solicitation agent (call collect 212 272-5112 or 877 696-BEAR). D.F. King & Co., Inc. is information agent (bank and brokers call 212 269-5550, others call 888 644-5854).
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