Exopack completes consent solicitation for $235 million of 10% notes

By Jennifer Chiou

New York, Nov. 8 - Exopack Holding Corp. announced the settlement of the consent solicitation for its $235 million of 10% senior notes due 2018.

The consent solicitation ended at 11:59 p.m. ET on Nov. 7, at which time a supplemental indenture became operative. As reported, the company executed the supplemental indenture after it had recorded consents from holders of a majority of the notes.

At the early deadline of 5 p.m. ET on Oct. 24, holders tendered $234,767,000 principal amount, or 99.9%, of the notes.

The company was 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 was $5.00 for each $1,000 principal amount for those who delivered their consents by the early deadline. The total consent fee included an early premium of $4.00 for each $1,000 principal amount.

Global Bondholder Services Corp. (212 430-3774 or 866 470-3700) was 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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