Abg Orphan gets consents for two proposals to amend four PIK notes

By Wendy Van Sickle

Columbus, Ohio, June 1 – Abg Orphan Holdco Sarl received the requisite consents from holders to amend four series of guaranteed pay-in-kind toggle notes with respect to two proposals, but a third proposal failed to garner the necessary consents, according to a notice.

A consent solicitation that was announced on April 30 ended at 11 a.m. ET on May 30.

The notes covered by the solicitation were the $141,200,858 variable-rate guaranteed PIK toggle notes due 2021; $114,329,168 5%/9% guaranteed PIK toggle notes due 2021; $418,253,276 5%/9% guaranteed PIK toggle notes due 2021; and $38,597,083 variable-rate guaranteed PIK toggle notes due 2021.

The issuer said noteholders approved proposals 1 and 2 laid out under its consent request, but proposal 3 did not receive the needed consents for passage.

Abg said it will proceed with the transactions covered under the first two proposals.

The deadline for submitting a blocking instruction was 11 a.m. ET on May 30.

The tabulation agent is Bank of New York Mellon, London Branch (+44 1202 689 644 or debtrestructuring@bnymellon.com).

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