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Atlantic Express receives consents for $15 million note placement, completes sale
New York, March 4 - Atlantic Express Transportation Corp. said it received the necessary consents from holders of its 12% senior secured notes due 2008 and its senior secured floating-rate notes due 2008 to allow for a direct placement of $15 million of third-priority senior secured notes due 2008 and associated pay-in-kind notes.
The company also said it has completed the note sale.
Atlantic Express sold $15 million of 10% third-priority senior secured notes due 2008 along with 40,725 warrants. Proceeds will be used for general corporate purposes.
The consent solicitation was also to waive compliance with certain provisions of the note indenture and certain events of default.
The consent solicitation ended at 5 p.m. ET on Feb. 23, and the changes became effective March 3.
Jefferies & Co. Inc. is the information agent (504 681-5721).
Atlantic Express is a Staten Island, N.Y., provider of school bus transportation.
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