Cleaver-Brooks scraps consents to amend 8¾% secured notes due 2019

By Susanna Moon

Chicago, March 11 - Cleaver-Brooks, Inc. said it canceled the consent solicitation to amend its 8¾% senior secured notes due 2019.

The consent solicitation had been set to end at 5 p.m. ET on March 10. Holders needed to be of record as of 5 p.m. ET on March 3. The solicitation was announced March 4.

The company was soliciting consents to extend the period for the first-lien secured leverage ratio level required for Cleaver-Brooks and its restricted subsidiaries to incur secured debt for the purpose of making acquisitions and investments in related businesses, according to a previous press release.

The cash consent payment would have been $10.00 per $1,000 principal amount of notes.

The offer would have been conditioned on the company obtaining consents from holders of a majority of the notes and execution of a supplemental indenture.

RBC Capital Markets, LLC (212 618-7822 or 877 381-2099) was the solicitation agent. Requests for documents could be directed to Global Bondholder Services Corp. (866 470-4300 or 212 430-3774 for banks and brokers).

Cleaver-Brooks is a Milwaukee-based manufacturer of packaged and engineered boilers.

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