Commercial Vehicle gets consents needed to amend 8%, 11%/13% notes

By Angela McDaniels

Tacoma, Wash., April 25 - Commercial Vehicle Group Inc. received enough consents from the holders of its $47,956,298 of 11%/13% third-lien senior secured notes due 2013 and $97.81 million of 8% senior notes due 2013 to amend the notes, according to a company news release.

Tender offers and consent solicitations for the notes began April 8 and will end at 11:59 p.m. ET on May 5.

Holders had delivered tenders and consents for $94,925,000 principal amount, or 97.1%, of the 8% notes and all of the 11%/13% notes as of 5 p.m. ET on April 21, the consent date.

For each $1,000 principal amount, the company will pay $1,020 for the 8% notes and $1,110 for the 11%/13% notes plus accrued interest. This includes a $30 consent payment for each note tendered by the consent date.

The settlement date for notes tendered by the consent date is expected to be April 26.

Commercial Vehicle is soliciting consents to amendments to the indentures governing the notes as well as the related security documents of the 11%/13% notes to:

• Eliminate substantially all of the restrictive covenants;

• Eliminate or modify some events of default;

• Eliminate or modify related provisions contained in the indentures; and

• For the 11%/13% notes, eliminate some conditions to covenant defeasance and to release the liens.

The company needed consents from holders of at least a majority of the notes.

A supplemental indenture containing the amendments has been executed. The amendment will not become operative until the tendered notes are repurchased.

The company will use proceeds from its $250 million issue of eight-year 7 7/8% senior secured notes to fund the offers. The new notes priced April 13 and are expected to settle April 26.

The tender offers are conditioned on the receipt of the proceeds and the amendment and restatement of the company's revolving credit facility.

The dealer manager and solicitation agent is Credit Suisse Securities (USA) LLC (800 820-1653 or call collect 212 538-2147). The depositary and information agent is D.F. King & Co., Inc. (212 269-5550 for bankers and brokers, 888 628-9011 for all others).

Commercial Vehicle is a New Albany, Ohio-based supplier of fully integrated system products for the commercial vehicle market.

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