Nexeo (GPD) successfully wraps 10 1/8% notes consent solicitation

Chicago, Jan. 21 – GPD Cos., Inc., formerly known as Nexeo Plastics Holdings, Inc., successfully ended its consent solicitation for the its 10 1/8% senior secured notes due 2026 (Cusips: 64051NAA1, U6404NAA3) to amend the indenture governing the notes, according to a news release.

Noteholders representing 99.29% of the notes consented to the changes by the 5 p.m. ET deadline on Thursday.

The issuer was seeking consents from holders representing at least a majority of the notes to modify the definitions of permitted debt and permitted liens in the indenture in order to increase the amount of additional notes or other secured indebtedness that the company is permitted to incur by $75 million in order to fund the acquisition of one or more permitted businesses on or prior to June 30.

The company will pay $5 per $1,000 of notes to holders who validly delivered consents by the expiration time.

The consent solicitation was subject to conditions, including, the receipt of the necessary consents by the expiration time and the consummation of an offering of additional notes or other debt financing totaling more than $25 million.

The supplemental indenture will not become operative until all conditions to the consent solicitation have been satisfied or waived, including the consummation of the debt financing, and the consent fee has been paid.

Consents may be revoked at any time prior to the earlier to occur of the effective time and the expiration time, but not thereafter.

Global Bondholder Services Corp. (212 430-3774, 866 470-3700; contact@gbsc-usa.com) is the information and tabulation, and Goldman Sachs & Co. LLC (212 902-5962, 800 828-3182; gs-lm-nyc@gs.com) is the solicitation agent.

GPD is a The Woodlands, Tex.-based distributor of chemicals and plastics and provider of environmental services.

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