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Advanced Accessory Holdings gets consents for 13¼% notes, ups payment for 10¾% notes
By Jennifer Chiou
New York, June 19 - Advanced Accessory Holdings Corp. announced it obtained consents from holders of a majority of it and its subsidiary AAS Acquisitions' 13¼% senior discount notes due 2011 and increased the payment on offer in its solicitation for the 10¾% senior notes due 2011.
The fee for the 10¾% notes is now 6¾% of the principal amount, up from 5% previously.
Advanced Accessory also further extended the deadline to 5 p.m. ET on June 30 from 5 p.m. ET on June 19. It had been extended earlier in the day from 5 p.m. ET on June 16.
Following receipt of the necessary consents, Advanced Accessory has executed a supplemental indenture for the 13¼% senior discount notes. It will become effective when it pays for the notes.
As announced on June 5, the companies are soliciting consents to amend the note indenture, eliminating all restrictive covenants and events of default.
The offers end at 11:59 p.m. ET on June 30.
The companies said they will pay an amount equal to 96% of the principal amount of the 10¾% notes plus accrued interest up to but excluding the payment date.
They will pay an amount equal to 96% of the accreted value of the 13¼% notes on the payment date.
The companies said that they will also pay a consent fee of 5% of the principal amount or accreted value on the payment date for any notes that are tendered by the consent payment deadline - a sum now increased for the 10¾% notes.
Jefferies & Co., Inc. is the dealer manager and solicitation agent (973 912-2888). CapitalBridge is the information agent (call collect 201 499-3500 or 877 746-3583).
The Sterling Heights, Mich., manufacturer of exterior accessories for the automotive original equipment and aftermarket said the tender is part of its agreement to sell all of the assets of Valley and all Chaas and Advanced Accessory Systems stock to Thule AB.
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