Flint Hills Resources Houston Chemical collects consents for 6¼% notes

By Susanna Moon

Chicago, Oct. 22 – Flint Hills Resources Houston Chemical, LLC said it obtained the needed majority consents to amend its 6¼% senior notes due 2020.

The company will “promptly” pay $5.00 cash per $1,000 principal amount of notes for which consents were delivered by 5 p.m. ET on Oct. 21, according to a company press release Wednesday. Holders must be of record as of Oct. 6.

After settlement, the issuers will enter into a supplemental indenture to the notes, the release noted.

As previously announced, the company sought to amend the notes indenture to be able to provide noteholders with a specified set of information rather than file reports with the Securities and Exchange Commission. Reporting of this kind would be more typical of debt securities issued in a Rule 144A for life transaction, the issuer said at the time.

The amendments also will remove the prohibition on the consolidation or merger into an entity that is not a corporation of FHR Houston Chemical Finance Corp. – which is a joint issuer of the notes and is jointly participating in the consent solicitation.

The solicitation began Oct. 7.

Goldman Sachs & Co. (212 902-6941 or 800 828-3182) was the solicitation agent. D.F. King & Co., Inc. was the information and tabulation agent (800 331-6359 or e-mail pdh@dfking.com).

Flint Hills Resources Houston Chemical is a Houston-based producer of propylene. It is a subsidiary of Flint Hills Resources, LLC.

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