aaiPharma starts consent solicitation

New York, April 8 - aaiPharma Inc. said it has begun soliciting consents from holders of its 11% senior subordinated notes due 2010.

The Wilmington, N.C. pharmaceutical company is seeking approval of proposed amendments to, and waivers under, the indenture for the notes to address, among other things, aaiPharma's current inability to file its form 10-K for the year ended Dec. 31, 2003.

Holders who deliver consents will receive $10 per $1,000 principal amount of notes, subject to the amendment going into effect.

The amendment will only become operative if the required consents are received, aaiPharma completes an amendment or refinancing or other replacement of its senior credit agreement that waives all existing defaults and aaiPharma makes the interest payment due on the notes on April 1.

The solicitation runs through 5 p.m. ET on April 16.

Global Bondholder Services Corp. is the information agent (banks and brokers call collect 212 430-3774, noteholders call 866 470-3700 . Banc of America Securities LLC is the solicitation agent (888 292-0070 or collect at 704 388-4813).

© 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.