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Alliance Laundry gets consents to amend 8½% senior subordinated notes
By Marisa Wong
Madison, Wis., Sept. 22 - Alliance Laundry Systems LLC, Alliance Laundry Holdings LLC and Alliance Laundry Corp. said that holders of approximately 99% of their 8½% senior subordinated notes due 2013 had tendered their notes and delivered consents as of 5 p.m. ET on Sept. 22, the consent deadline.
The issuers began a cash tender offer and consent solicitation for the 8½% notes on Sept. 9.
The companies sought consents from holders of a majority of the outstanding notes to execute a supplemental indenture to eliminate most of the restrictive covenants as well as events of default.
The companies said that they entered into a third supplemental indenture with Bank of New York Mellon Trust Co., NA as trustee on Sept. 22.
The proposed amendments will not become operative until the tendered notes are purchased.
As previously reported, the companies will pay $1,027.50 per $1,000 principal amount of notes, including a $25.00 premium for notes tendered by the consent deadline.
Holders also will receive accrued interest up to but excluding the payment date.
The tender offer will end at 8 a.m. ET on Oct. 7.
Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) is the dealer manager and solicitation agent. Georgeson Inc. (866 628-6021 or 212 440-9800) is the information agent.
Alliance Laundry is a manufacturer of commercial laundry products based in Ripon, Wis.
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