Signature Aviation receives consents for 4% notes in solicitation

Chicago, April 22 – Signature Aviation plc subsidiary Signature Aviation US Holdings, Inc. announced that it received the required consents relating to its consent solicitation and its stand-alone consent solicitation for the company’s $650 million outstanding 4% senior notes due 2028 (Cusips: 05545MAC6, U0734MAB7), according to a press release.

The company has executed a supplemental indenture for the notes that will take effect when the tender offer closes.

The company also announced its intention to pay the consent fee.

The early participation deadline was 5 p.m. ET on April 21.

The deadline for the tender offer is 5 p.m. ET on May 17. This was also the deadline initially for the consent solicitation.

Consent solicitation

Signature was soliciting consents from noteholders to eliminate the requirement for the company to make a change-of-control offer under the indenture in relation to its acquisition and make some other changes regarding the change of control.

Noteholders could not tender their notes in the tender offer without delivering consents in the consent solicitation and vice versa.

Separate consent solicitation

Signature was also soliciting consents to proposed amendments in a stand-alone consent solicitation.

Noteholders who participated in the tender offer and linked consent solicitation could not participate in the separate consent solicitation.

Noteholders who participated in the stand-alone solicitation will receive $2.50 per $1,000 note as a consent fee.

The stand-alone consent solicitation deadline was 5 p.m. ET on April 21.

In the aggregate, from both consent solicitations, consent is needed from a majority of noteholders for the amendments to become part of the supplemental indenture and become operative.

Agents

RBC Capital Markets, LLC (212 618-7843, 877 381-2099) is the dealer manager and solicitation agent.

Global Bondholder Services Corp. (212 430-3774, 866 807-2200) is the tender agent and information agent.

Signature Aviation is a London-based aviation services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.