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IAC seeks consents from holders of New York Liberty Bonds
By Jennifer Chiou
New York, March 17 – IAC/InterActiveCorp announced that it is soliciting consents from holders of the New York Liberty Bonds that were used to finance the company’s corporate headquarters in Manhattan.
The company is seeking consents from holders of at least two-thirds of the bonds in order to release IAC’s development rights under the governing documents for the securities because it has sold an adjacent property to an affiliate of the Related Cos. for the development of a new mixed-use building.
IAC said that if it does not obtain the needed consents, it may consider redeeming the bonds on Sept. 1, which is the first optional redemption date.
The consent solicitation will expire at 5 p.m. ET on April 3.
The company touted its support of the Chelsea neighborhood, where the building is located, and is offering to contribute $0.09 for each $100 of bonds for which consents are delivered to a 501(c)3 charity. Otherwise, holders may opt to have the consent fee delivered in cash.
The bond program was approved by the U.S. Congress following Sept. 11, 2001 to facilitate the reconstruction and revitalization of New York City.
Questions may be directed to Irene Cooper of Bondholder Communications (888 385 BOND or ICooper@BondCom.com).
The issuer is a New York-based media and internet company.
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