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Dresser extends consent solicitation for 9 3/8% notes
By Jennifer Chiou
New York, May 23 - Dresser, Inc. announced the extension of it consent solicitation for its $550 million of 9 3/8% senior subordinated notes due 2011 to 5 p.m. ET on May 26.
The solicitation previously was set to end at 5 p.m. ET on May 23. It began on May 9.
The company is seeking the amendment and waiver of certain reporting requirements in the note indenture related to its previously announced delay in issuing its 2005 annual and 2006 quarterly financial statements.
The proposed amendment and waiver would permit Dresser to extend to Dec. 31, 2006 its obligation to file financial statements with the Securities and Exchange Commission for the year ended Dec. 31, 2005 and the quarters ended March 31, 2006, June 30, 2006 and Sept. 30, 2006.
In addition, Dresser said the consent solicitation would provide for a waiver of all past and present defaults under the indenture's reporting requirements.
For each $1,000 principal amount of notes, the company said it will pay a fee of $1.25.
The Dallas company also said that at a future date it will seek an extension from its senior lenders of its 2006 quarterly financial statements delivery requirement to extend the deadline for these quarterly statements to Dec. 31, 2006 from Sept. 30.
MacKenzie Partners, Inc. is the information agent (800 322-2885 or call collect 212 929-5500). Morgan Stanley & Co., Inc. is the solicitation agent (800 624-1808 or call collect 212 761-1941).
Dresser is a manufacturer of equipment and services sold primarily to customers in the flow control, measurement systems, and compression and power systems segments of the energy industry.
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