Atlantic Express ends SEC financial report requirement for floaters

By Jennifer Chiou

New York, April 15 - Atlantic Express Transportation Corp. entered into the first supplemental indenture to its senior secured floating-rate notes due 2012, allowing it to refrain from providing certain financial reports to the Securities and Exchange Commission, according to an 8-K filed with the SEC on Wednesday.

The company said that it is also no longer required to file the reports to the trustee.

Instead, Atlantic Express will be required to, upon request, make available audited annual financial statements and unaudited quarterly financial statements, separate supplemental annual and quarterly reports and current reports.

The company said it obtained the consent from holders of a majority of the notes. In connection, it is paying a consent fee of $400,000 to be paid pro rata to the holders in two equal installments.

The Bank of New York is trustee and collateral agent.

Atlantic Express is a Staten Island, N.Y.-based school bus operator.

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