Majestic USA Capital begins consent solicitation for trust preferreds

By Angela McDaniels

Tacoma, Wash., Nov. 3 - Majestic Capital Ltd. subsidiary Majestic USA Capital, Inc. is soliciting consents from the holders of its $35 million junior subordinated trust preferred securities due 2036, according to a company news release.

Majestic USA is seeking to amend some events of default and covenants in the indenture governing the trust preferreds.

Consents are needed from the holders of a majority of the trust preferreds in order to make the amendments.

The consent solicitation will expire at 5 p.m. ET on Dec. 3.

The company is not offering a consent fee, according to an 8-K filing with the Securities and Exchange Commission.

The adoption of the proposed amendments is a condition to the completion of Bayside Equity Partners LLC's acquisition of the company.

The solicitation agent is Georgeson Inc. (212 440-9800 for banks and brokers, others call 866 391-6921).

Majestic Capital is a specialty provider of workers' compensation insurance products and services. It is based in Hamilton, Bermuda.

© 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.