aaiPharma starts consent solicitation for 11½% notes

New York, Oct. 22 - aaiPharma Inc. said it has begun a consent solicitation for holders of its 11½% senior subordinated notes due 2010.

The solicitation is for waivers and amendments to allow the Wilmington, N.C., pharmaceutical company to borrow up to $30 million in additional term loans. aaiPharma announced Friday it has agreed on a new $30 million supplemental term loan, subject to consents being obtained.

Noteholders who consent to the amendment will receive a fee of $5 per $1,000 principal amount if the changes are approved.

aaiPharma needs holders of more than 50% of the notes to consent.

The solicitation runs through 10 a.m. ET on Oct. 29.

Global Bondholder Services Corp. is the information agent (banks and brokers call collect 212 430-3774; noteholders call 866 470-3700).

© 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.