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Cleaver-Brooks seeks consents to amend 8¾% secured notes due 2019
By Susanna Moon
Chicago, March 4 - Cleaver-Brooks, Inc. said it began a consent solicitation to amend its 8¾% senior secured notes due 2019.
The company is seeking to extend the period for the first-lien secured leverage ratio level required for Cleaver-Brooks and its restricted subsidiaries to incur secured debt for the purpose of making acquisitions and investments in related businesses, according to a press release.
The consent solicitation will end at 5 p.m. ET on March 10. Holders must be of record as of 5 p.m. ET on March 3.
The cash consent payment will be $10.00 per $1,000 principal amount of notes.
The offer is conditioned on the company obtaining consents from holders of a majority of the notes and execution of a supplemental indenture.
RBC Capital Markets, LLC (212 618-7822 or 877 381-2099) is the solicitation agent. Requests for documents may be directed to Global Bondholder Services Corp. (866 470-4300 or 212 430-3774 for banks and brokers).
Cleaver-Brooks is a Milwaukee-based manufacturer of packaged and engineered boilers.
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