Exopack gets needed consents to amend $235 million 10% notes

By Jennifer Chiou

New York, Oct. 23 - Exopack Holding Corp. obtained consents from holders of a majority of its $235 million of 10% senior notes due 2018, enough to amend the note indenture, according to an 8-K filing with the Securities and Exchange Commission.

The consent solicitation will end at 11:59 p.m. ET on Nov. 7, at which time a supplemental indenture will become operative.

As reported, 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.

The consent fee will be $5.00 for each $1,000 principal amount for those who delivered 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.

At Oct. 10, holders representing 53% of the aggregate principal amount of the notes indicated that they were to participate in the consent solicitation.

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. It launched the solicitation on Oct. 10.

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