J.L. French extends consent solicitation for 11½% notes, cuts threshold

New York, July 30 - J.L. French Automotive Castings Inc. again extended its solicitation of consents from holders of its outstanding 11½% senior subordinated notes due 2009 and this time reduced the minimum tender condition.

The consent solicitation now expires at 5 p.m. ET on July 30 instead of 5 p.m. ET on July 29.

The minimum amount required to be tendered is now 85% instead of 90%.

J.L. French said that based on tenders so far it expects to meet the condition.

J.L. French last extended the offer on July 27 and also increased the tender payment and the minimum tender amount required.

As modified, J.L. French is offering $850 per $1,000 principal amount, including a $30 consent payment, up from $780 per $1,000 principal amount previously, including a $30 consent payment.

After the consent deadline, the offer is $820, up from $750, per $1,000 principal amount.

On July 27 the consent solicitation was extended to 5 p.m. ET on July 29. The tender offer continues to expire at midnight ET on Aug. 10.

The minimum tender amount was raised to 90% of the notes instead of 85%.

J.L. French will also pay accrued interest up to but excluding the payment date.

Holders who tender must consent and vice versa.

The consent solicitation is to eliminate substantially all restrictive covenants from the note indenture.

The tender is subject to J.L. French obtaining the necessary consents to amend the indenture, receiving sufficient financing to fund the offer and refinancing its senior secured credit facility.

The tender was originally announced on July 14 and the consent deadline previously extended on July 23.

The Sheboygan, Wis., maker of aluminum die cast auto parts said the tender offer is being carried out in connection with a proposed refinancing of its credit facilities and a proposed offering of $165 million of preferred equity securities. J.L. French's sponsor, Onex Corp., and some other shareholders may buy up to $50 million of the preferred equity securities.

Goldman, Sachs & Co. (800 828-3182 or 212 357-3019) is dealer manager and solicitation agent for the tender offer and consent solicitation. The information agent is MacKenzie Partners Inc. (212 929-5500 or 800 322-2885).

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