Louisiana Pacific obtains consents to amend 10 7/8% notes

New York, March 25 - Louisiana-Pacific Corp. said it has obtained the necessary consents to amend the indenture of its $200 million outstanding 10 7/8% senior subordinated notes due 2008.

The amendments went into effect Thursday.

By the consent deadline of 5 p.m. ET on March 24, the company had received tenders and consents of 93% of the outstanding notes. Holders of less than 1% had delivered consents without tendering.

Meanwhile the tender component continues.

Louisiana-Pacific said on March 11 it had begun a tender offer and consent solicitation for any and all of its $200 million 10 7/8% notes.

The Portland, Ore., building materials company was offering to pay a consent payment of $10 and a tender price of $1,187.50 per $1,000 principal amount of notes tendered by the consent date of 5 p.m. ET on March 24.

For consents given before the consent date but without a tender, Louisiana-Pacific will pay $10 per $1,000 principal amount.

Notes tendered after the consent date but before the expiration at 9 a.m. ET on April 8 will be purchased at $1,187.50 per $1,000 principal amount.

The consents solicitation is to amend the note indenture to suspend substantially all of the restrictive covenants, subject initially to the company's maintaining specified corporate credit ratings, and to relax certain other restrictive covenants in the indenture.

Additional information is available from Goldman, Sachs & Co. (800 828-3182). Documentation may be obtained from D.F. King & Co. Inc. (888 628-9011).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.