Harman convertibles holders give needed consents to amend 2012 notes

By Jennifer Chiou

New York, Jan. 13 - Harman International Industries, Inc. announced that it entered into an amendment to the indenture of its convertible senior notes due 2012 after having received consents from holders of a majority of the notes.

The amendment is effective as of Tuesday and waives compliance with the incurrence-of-debt covenant for the limited purpose of permitting Harman to incur debt under its existing revolving credit facility.

"We are extremely pleased that we were able to reach an agreement with the noteholders to allow us to revolve the outstanding indebtedness on our credit facility," said Dinesh C. Paliwal, chairman, president and chief executive officer, in a news release.

"This amendment will allow us to save millions of dollars in unnecessary interest expense while maintaining financial flexibility."

Based in Stamford, Conn., Harman designs, manufactures and markets audio and infotainment products.

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