IPC Acquisition receives consents to amend 11½% notes

New York, July 11 - IPC Acquisition Corp. said it has received the necessary consents to amend its $150 million of 11½% senior subordinated notes due Dec. 15, 2009.

As of 5 p.m. ET on July 8, the consent deadline, IPC had received tenders and consents for 96.35% of the securities.

IPC announced a tender offer and consent solicitation for the notes on June 7.

Holders who tender their notes before the consent deadline will receive a purchase price determined by the yield to maturity of the reference Treasury plus 50 basis points.

The purchase price includes a consent payment of $30 per $1,000 principal amount, and investors will receive accrued interest up to but not including the redemption date.

The tender offer must meet conditions that include the funding of a new senior credit facility, for which IPC has a commitment letter from Goldman Sachs Credit Partners LP.

IPC is soliciting consents for proposed amendments to the indenture, which would eliminate restrictive covenants contained in the indenture as well as certain covenants and events of default.

A valid tender is considered a consent.

Holders who tender notes after the consent time but prior to 10 a.m. ET Aug. 1 will be eligible to receive the tender consideration, which is the determined purchase price less the consent payment.

Assuming a settlement date of Aug. 4 and using a reference Treasury yield of 3.387%, the amount on offer to noteholders, including the consent payment, would be $1,083.80 per $1,000 principal amount.

Goldman, Sachs & Co. is the dealer manager and solicitation agent (800 828-3182 or call collect 212 357-7867). Global Bondholders Services Corp. is the information agent (866 924-2200).

New York-based IPC is a leading provider of mission-critical communications solutions to global enterprises.

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