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LifePoint extends consent bid for 6 5/8% notes, ups payment in offer
By Susanna Moon
Chicago, Aug. 21 - LifePoint Hospitals, Inc. said it again extended the consent solicitation for its $400 million 6 5/8% senior notes due 2020, this time until 5 p.m. ET on Aug. 23.
The company also doubled the consent payment to $15.00 in cash for each $1,000 principal amount from $7.50 per $1,000 of notes, according to a company press release.
On Wednesday morning, the company extended the solicitation to 5 p.m. ET on Aug. 21 from 5 p.m. ET on Aug. 20. The latest extension was announced Wednesday afternoon. The offer was previously extended from 5 p.m. ET on Aug. 15 and, before that, from 5 p.m. ET on Aug. 12.
As announced on July 30, the company is seeking consents from holders of its 6 5/8% notes to amend some provisions of the indenture governing the notes. Specifically, the company wants to eliminate a requirement that non-wholly owned subsidiaries provide guarantees for the notes and modify requirements needed to exclude specific wholly owned subsidiaries from having to provide note guarantees.
The proposed changes will provide LifePoint with operating flexibility to make acquisitions and joint ventures, the company said in a previous press release.
The amendments require the consent of holders of a majority in principal amount of the outstanding notes.
Holders may obtain copies of the consent solicitation statement and the consent form from D.F. King & Co., Inc. (800 949-2583, 212 269-5550 collect or lifepoint@dfking.com).
Barclays (800 438-3242 or 212 528-7581 collect) is the solicitation agent.
LifePoint is a hospital company based in Brentwood, Tenn.
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