Protection One to launch exchange for Integrated Alarm's 12% senior secured notes due 2011

By Jennifer Chiou

New York, Dec. 21 - Protection One Inc. will begin an exchange for Integrated Alarm Services Group, Inc.'s 12% senior secured notes due 2011, according to an 8-K filing with the Securities and Exchange Commission.

Protection One Alarm Monitoring, Inc. will issue new notes to the holders who exchange their securities.

According to the filing, holders of about 85% of Integrated Alarm Services' notes have agreed to consent to the exchange.

The Lawrence, Kan., electronic security company said that the exchange is linked to its merger agreement with Integrated Alarm Services and Protection One's direct wholly owned subsidiary Tara Acquisition Corp.

As a result of Protection One's acquisition of Integrated Alarm Services, each Integrated Alarm Services share will be converted into 0.29 Protection One shares.

The exchange is a condition of the completed merger.

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