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Heating Finance solicits consents to allow Baxi to buy Roca unit
New York, June 1 - Heating Finance plc said it has begun soliciting consents from holders of its 7 7/8% mezzanine notes due 2014.
The company is requesting approval for Baxi Group to acquire the heating business of Corporacion Empresarial Roca SA and to incur senior secured debt for future acquisitions. Heating Finance is also seeking to amend the note indenture to reflect the larger size of the Baxi Group and to provide the flexibility necessary to implement its business plan. Heating Finance is part of Baxi Group.
If the solicitation is successful, holders who consent will receive a fee of £20 per £1,000 principal amount. Heating Finance needs consents for 50% of the notes.
The solicitation ends on June 15.
Royal Bank of Scotland plc is solicitation agent (Paolo Pascarelli or Craig Scordellis at +44 207 085 5000).
Heating Finance is a Derby, England, heating products company.
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