Joy Global starts consent solicitation for 8¾% notes

New York, Feb. 10 - Joy Global Inc. said it has started a consent solicitation for its $200 million principal amount of 8¾% senior subordinated notes due 2012.

The Milwaukee mining equipment company is looking to amend the indenture to reduce the limitation on restricted payments.

The amendment requires the consent of holders of a majority of the outstanding notes.

Joy Global also said it amended its credit facility in late January to extend the maturity to Oct. 15, 2008, improve the financial covenants, reduce the pricing, lower the size to $200 million from $250 million and add a conditional test for restricted payments. The company said the modifications to the restricted payments limitation give it more flexibility to pay dividends and repurchase stock.

Credit Suisse First Boston LLC (800 820-1653) is solicitation agent.

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