Phoenix holders give consents to extend filing date under 7.45% bonds

By Susanna Moon

Chicago, Jan. 16 - Phoenix Cos. received consents for 65% of its $253 million outstanding 7.45% quarterly interest bonds due 2032, enough to amend the notes and obtain a waiver for a covenant breach.

The company needed the consents of more than a majority of the notes, as noted before.

The approval of the amendments and waiver allows Phoenix to extend the date for providing its 10-Q filing for the third quarter of 2012 with the bond trustee to March 31.

The consent fee is $0.0625 per $25 principal amount of bonds. Holders needed to be of record as of 5 p.m. ET on Dec. 11.

The solicitation ended at 5 p.m. ET on Jan. 15. It began on Dec. 12.

As previously reported, Phoenix is restating financial statements for several prior periods and, as a result, delayed filing its third quarter filing with the Securities and Exchange Commission. That delay prevented Phoenix from filing the required quarterly filing with the bond trustee within 15 days after the SEC filing deadline.

Hartford-based Phoenix is a boutique life insurance and annuity company.

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