Holley Performance again extends tender for 12¼% notes, reduces minimum tender condition

By Jennifer Chiou

New York, Jan. 5 - Holley Performance Products Inc. and KHPP Holdings, Inc. announced another extension to their tender offer and consent solicitation for their 12¼% senior notes due 2007, this time until 11:59 p.m. ET on Jan. 19 from 11:59 p.m. ET on Jan. 4.

The offer, which had previously been set to expire at Dec. 21, is being extended to finalize legal documents necessary to close the offer.

The companies also said they reduced the minimum tender condition of the exchange offer to 97% from 98%.

As of 5 p.m. on Jan. 4, the companies received tenders from holders of 97.1% of the 12¼% notes.

The Bowling Green, Ky.-based maker of high-performance carburetors and other automotive engine equipment said it is in discussions with holders of about 65% of the notes to further amend the notes' support agreement, extending the timeframe to complete the exchange offer and obtaining consent to reduce the minimum tender condition. The company said it believes these noteholders will consent to the amendments based on conversations.

According to a news release, under the current agreement, Holley must use its "commercially reasonable efforts" to complete the offer before Jan. 16 and must obtain consents from holders of at least 98% of notes.

Jefferies & Co., Inc. is dealer manager (212 284-2054).

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