CNG Holdings solicits holder consents to amend 9 3/8% notes due 2020

By Susanna Moon

Chicago, Aug. 1 - CNG Holdings, Inc. said it began a consent solicitation for its outstanding 9 3/8% senior secured notes due 2020.

The company is seeking consents to amend the notes to permit the company and its subsidiaries, WhyNot Leasing, LLC and WhyNot Lease SPV LLC, to enter into, deliver and perform their respective obligations under financing transactions, which will provide the subsidiaries with additional operating funds, according to a company press release.

Holders who deliver their consents under the offer will receive a consent fee of $2.50 for each $1,000 principal amount notes, upon the effectiveness of the proposed amendments and the completion of financing, if the required consents are received, the release noted.

The consent solicitation will end at 5 p.m. ET on Aug. 7. Holders must be of record as of 5 p.m. ET on July 30.

D.F. King & Co., Inc. (212 269-5550) is the information and tabulation agent. Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 325-2476) is the solicitation agent.

The Cincinnati-based provider of international alternative financial services.

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