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Concordia Bus Nordic again extends consent solicitation
New York, May 23 - Concordia Bus Nordic AB said it is once more extending its solicitation of consents from holders of its 9 1/8% senior secured notes due 2009.
The solicitation now ends at 12 p.m. ET on May 27 instead of 12 p.m. ET on May 20. It has already been extended four times from 12 p.m. ET on April 13.
As of May 20, holders had given consents to 10.69% of the notes, down from 13.55% of the notes on May 6.
Concordia Bus also said that under the terms of the previously announced financing proposal, Nordic's ultimate parent, Concordia Bus AB, will contribute €40 million to Concordia Bus Nordic Holding AB in return for preferred shares. Nordic Holding will contribute an equal amount to Concordia Bus Nordic AB and receive common shares.
On May 16, Concordia Bus Nordic AB said it has received a financing proposal from some members of the ad hoc committee of holders of the 11% senior subordinated notes due 2010 issued by Concordia Bus AB.
Under the proposal, the holders would lend €40 million to Concordia Bus AB, which would then use the funds to make an equity contribution to Concordia Bus Nordic to meet the costs of the restructuring.
Concordia Bus Nordic's previously announced consent solicitation is to seek approval of amendments and waivers to the note indenture and to ask holders to forgo their right to participate in any change-of-control offer caused by the restructuring of Concordia Bus Nordic's parent, Concordia Bus AB.
The consent fee is €5 per €1,000 principal amount.
In March, Concordia Bus AB announced a restructuring under which its €160 million principal amount of 11% senior subordinated notes due 2010 will be exchanged for 96% of the company's ordinary shares.
Concordia is a Solna, Sweden, bus service operator.
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