Triad receives consents to amend 8¾% notes

New York, April 28 - Triad Hospitals, Inc. said it received the necessary tenders and consents to amend the indenture for its 8¾% senior notes due 2009.

Triad said it intends to enter into a supplementary indenture including the proposed amendments but it will not become effective until the notes are accepted for purchase.

Triad said on April 20 that it has begun a cash tender offer for any and all its $600 million principal amount of 8¾% senior notes.

The Plano, Texas, hospital operator is also soliciting consents to amend the note indenture. Among other things, the amendments will eliminate most of the principal restrictive covenants and certain other provisions.

Holders who tender by the consent deadline of 5 p.m. ET on April 28 will receive $1,106.99 per $1,000 principal amount including a consent payment of $30.00 per $1,000 principal amount.

Holders who tender after the consent deadline but before the expiration date of 11:59 p.m. ET on May 17 will receive $1,076.99 per $1,000 principal amount.

In both cases Triad will pay accrued interest.

Holders who tender are required to deliver consents, and consents may not be given without tendering.

The indenture amendments require the consent of holders of at least a majority of the principal amount of the notes outstanding.

Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106) and Merrill Lynch, Pierce, Fenner & Smith Inc. (888 ML4-TNDR or collect at 212 449-4914) are dealer managers and solicitation agents. Georgeson Shareholder Communications Inc. (888 549-6627 or collect at 212 440-9800) is the information agent.

© 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.