Kaufman & Broad obtains needed consents for 8¾% notes due 2009

By Jennifer Chiou

New York, June 21 - Kaufman & Broad SA said it received consents from holders of a majority of its €150 million of 8¾% senior notes due 2009.

The company obtained enough consents to amend the note indenture to eliminate some covenants relating to the incurrence of debt and liens, making some payments, engaging in transactions with affiliates, and some transfers concerning the company's subsidiaries.

Holders may not tender their notes without consenting to the proposed amendments.

The tender offer is subject to conditions including the receipt of tenders from holders of a majority of the notes and the closing of Financiere Gaillon 8's acquisition of a majority of Kaufman & Broad's share capital.

If it is successful, the offer is expected to settle on July 10. It began on June 7.

Paris-based Kaufman & Broad is a construction company focused on residential and office properties.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.