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Exopack seeks consents to amend $235 million 10% notes due 2018
By Susanna Moon
Chicago, Oct. 10 - Exopack Holding Corp. began a consent solicitation to amend its $235 million of 10% senior notes due 2018, according to an 8-K filing with the Securities and Exchange Commission.
The company is seeking consents to amend provisions of the note indenture to allow the refinancing of a substantial portion of the debt of Exopack Holdings SA, or Exopack Luxembourg, an affiliate of the company, and its consolidated subsidiaries, according to a press release.
If the company receives the needed consents, it will pay a consent fee on the date the supplemental indenture and the proposed amendments become operative.
The consent fee will be $5.00 for each $1,000 principal amount for those who deliver their consents by the early deadline, 5 p.m. ET on Oct. 24.
The total consent fee includes an early premium of $4.00 for each $1,000 principal amount.
Those who deliver their consents after the early date but prior to the expiration will receive $1.00 for each $1,000 of notes.
The proposed amendments require consents from holders of a majority of the outstanding notes.
As of Oct. 10, holders representing 53% of the aggregate principal amount of the notes have said they intend to participate in the consent solicitation.
The consent solicitation will end at 11:59 p.m. ET on Nov. 7.
Consents may be revoked until the earlier of the early consent date and the point at which the company receives the needed consents.
Global Bondholder Services Corp. (212 430-3774 or 866 470-3700) is the information agent.
Chicago-based Exopack is a full-service paper and plastic flexible packaging products manufacturer.
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