Viasystems gets consents for all 7 7/8% to sell $50 million more notes

By Susanna Moon

Chicago, April 15 - Viasystems Group, Inc. said wholly owned subsidiary Viasystems, Inc. obtained consents from holders of 100% of its $550 million of outstanding 7 7/8% senior secured notes due 2019.

As previously announced, the consent solicitation ended at 5 p.m. ET on April 9 and, at the time, the company said that holders had delivered consents for 99.64% of the notes. The solicitation began on April 1.

The amendment will allow the subsidiary to sell up to $50 million principal amount of new senior secured notes with terms that are substantially identical to the terms of the 7 7/8% notes.

The amendment required the consent of holders of at least a majority of the outstanding notes.

The consent fee is $2.50 per $1,000 principal amount of notes.

After settlement, the supplemental indenture amending the notes will become effective on April 15.

The proceeds of the new issue would be used for general corporate purposes, including to supplement the company's short-term cash on hand while it "aggressively pursues to recover its losses related to the September 2012 fire in its Guangzhou manufacturing facility from its insurer," according to a prior news release.

Wells Fargo Securities, LLC (866 309-6316) and Stifel, Nicolaus & Co., Inc. (855 300-7142) were the solicitation agents. D.F. King & Co., Inc. (800 290-6427) was the information and tabulation agent.

St. Louis-based Viasystems makes circuit boards and electro-mechanical solutions.

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