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Northwoods Capital extends consent date for eight series of securities
By Toni Weeks
San Luis Obispo, Calif., Dec. 15 – Northwoods Capital IX, Ltd. and co-issuer Northwoods Capital IX, LLC extended the consent date for their consent solicitation to proposed amendments to the indentures and collateral management agreement for each of eight note series to Dec. 19 from Dec. 10, according to a notice. The consent solicitation began Nov. 6.
The eight series of notes are the class A notes, class B-1 notes, class B-2 notes, class C-1 notes, class C-2 notes, class D notes, class E notes and subordinated notes.
Holders of the notes of record as of Nov. 6 are being asked to amend both the indenture and the collateral management agreement with collateral manager Angelo, Gordon & Co., LP to ensure that some affected holders are in compliance with section 13 of the Bank Holding Company Act of 1956, or the Volcker Rule.
In addition, the indenture is being amended to increase the concentration limitation with respect to Cov-Lite loans to 65% from 50% as well as to lower the maximum weighted average Moody’s rating factor for purposes of satisfying the maximum Moody’s rating factor test to 3,250 from 3,350.
The amendments require the consent of a majority of each class of notes. The proposed amendments constitute a single proposal, and holders must consent to such proposed amendments as an entirety and may not consent selectively with respect to certain of such proposed amendments.
Bank of New York Mellon Trust Co., NA is the trustee and information agent (NorthwoodsCapitalIX@bnymellon.com).
The companies primarily acquire collateral obligations and issue securities. Northwoods Capital IX, Ltd. is based in George Town, Grand Cayman, Cayman Islands, and Northwoods Capital IX, LLC is based in Newark.
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