Armored AutoGroup solicits consents to amend 9¼% notes due 2018

By Jennifer Chiou

New York, July 8 – Armored AutoGroup Inc. announced the start of the consent solicitation to amend the indenture of its 9¼% senior notes due 2018.

The company is seeking consents to permit certain financing transactions, including the entry into a new secured credit agreement and commitments in connection with the redemption of certain outstanding notes of IDQ Acquisition Corp. and IDQ Holdings, Inc., according to a press release.

The proposed amendments would amend the indenture to permit the company to incur liens resulting in a consolidated secured debt ratio of no greater than 4.00 to 1.00 and incur indebtedness under the new credit agreement.

In addition, Armored AutoGroup Parent Inc. intends to contribute AAG IDQ Acquisition Corp. and its shares of IDQ Acquisition Corp. to the capital of the Armored AutoGroup Inc., subject to the successful completion of the solicitation and the related financing transactions.

The solicitation will expire at 5 p.m. ET on July 21.

Holders of record as of July 7 may participate.

Armored AutoGroup is offering a consent fee of $5.00 in cash for each $1,000 principal amount of notes. It is seeking consents from holders of a majority of the notes.

J.P. Morgan Securities LLC is the solicitation agent (212 834-4811 or 866 834-4666). Ipreo LLC is the information and tabulation agent (212 849-3880).

Wells Fargo Bank, NA is the trustee.

Armored AutoGroup is a Danbury, Conn.-based manufacturer, marketer and distributor of automotive aftermarket appearance and performance auto-care products.

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