Superior Essex gets required consents for 9% notes

By Jennifer Chiou

New York, Aug. 22 - Superior Essex Inc. announced its subsidiaries, Superior Essex Communications LP and Essex Group, Inc., obtained the required consents to amend their 9% senior notes due 2012.

As of 5 p.m. ET on Aug. 19, noteholders had tendered 99.03% of the outstanding notes.

The consents were solicited for the company's pending joint venture with Nexans. If the joint venture closes on or prior to Dec. 31, investors who tendered their notes before the Aug. 19 expiration date will receive a consent fee of $6.25 for each $1,000 principal amount of notes. If the joint venture transaction does not close on or before Dec. 31, the company will not pay a consent fee.

As already announced, the consent solicitation applies only to holders of record on Aug. 4.

On Aug. 17, Superior Essex announced it added a $3.75 per $1,000 principal amount supplemental fee on top of the already announced $2.50 per $1,000 principal amount fee the consent solicitation.

MacKenzie Partners, Inc. is the information agent (800 322-2885 or call collect 212 929-5500).

JPMorgan is the solicitation agent (212 270-7407).

Atlanta-based Superior Essex is a wire and cable manufacturer.

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