CNG Holdings obtains needed consents to amend 9 3/8% notes due 2020

By Jennifer Chiou

New York, Aug. 8 - CNG Holdings, Inc. said it received consents from holders of a majority of its outstanding 9 3/8% senior secured notes due 2020, enough to execute a supplemental indenture.

As previously reported, the company was 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.

Holders who delivered their consents under the offer will receive a consent fee of $2.50 for each $1,000 principal amount of notes once the proposed amendments are effective and the financing is completed.

The consent solicitation ended at 5 p.m. ET on Aug. 7. Holders had to be of record as of 5 p.m. ET on July 30.

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

The issuer is a Cincinnati-based provider of alternative financial services.

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