Securus again extends consent solicitation for 11% notes

By Angela McDaniels

Seattle, March 13 - Securus Technologies Inc. said it extended its consent solicitation to amend the indenture governing its $154 million of 11% second-priority senior secured notes due 2011 to 5 p.m. ET on March 17 from 5 p.m. ET on March 10.

Previously, the solicitation had been extended to March 10 from March 2.

The company said the proposed amendment would increase the amount of debt it may incur under its credit facility to $60 million from $30 million and allow it to pursue strategic opportunities to acquire corrections market assets.

For each $1,000 principal amount of notes, the company will pay a $10.00 consent fee.

Securus must obtain consents from holders of a majority of the notes, after which the company intends to execute a supplemental indenture, according to a company news release.

The amendment is conditioned upon Securus closing an acquisition of selected inmate telecommunication businesses that meets certain financial criteria.

Morgan Stanley & Co. Inc. (212 761-1864) is solicitation agent. Global Bondholder Services Corp. (866 470-4500) is information agent, tabulation agent and paying agent.

Securus is based in Dallas and provides detainee telecommunications and information management products.

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