Liberty Tire Recycling seeks approval to issue additional 11% notes

By Angela McDaniels

Tacoma, Wash., Nov. 19 - Liberty Tire Recycling Holdco, LLC and Liberty Tire Recycling Finance, Inc. are asking the holders of their 11% senior notes due 2016 to approve amendments needed in order to issue additional notes, according to a company news release.

If approved, the proposed amendments to the indenture governing the notes will allow the issuers to issue up to $25 million principal amount of additional 11% notes.

Consents are needed from the holders representing at least a majority of the principal amount of outstanding notes in order to make the amendments.

The consent solicitation will expire at 5 p.m. ET on Nov. 25.

The issuers are offering a consent fee of $5 per $1,000 principal amount of notes to holders of record as of Nov. 18.

The solicitation agent is BofA Merrill Lynch (888 292-0070 or 980 387-3907). The information and tabulation agent is Global Bondholder Services Corp. (212 430-3774 or 866 470-4200).

Liberty Tire is a scrap tire collector and recycler based in Pittsburgh.

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