Cara Operations extends consent solicitation for 9 1/8% notes

By Angela McDaniels

Tacoma, Wash., Oct. 31 - Cara Operations Ltd. extended the consent solicitation for its C$200 million of 9 1/8% senior secured second-lien guaranteed notes due Dec. 1, 2015 to 5 p.m. ET on Nov. 3 from Oct. 31, according to a company news release.

If approved, the proposed amendments will allow the company to, among other things, increase the amount of security that it can grant in relation to the debt it incurs in order to allow for the issue of new notes and provide it the option to elect to make calculations under the indenture in accordance with international financial reporting standards.

Those who deliver valid consents will receive a consent fee of C$5 in cash for each C$1,000 principal amount of notes if the proposed amendments are approved and effected and the company's proposed offering of C$75 million of senior secured second-lien guaranteed notes is completed on or before Jan. 4.

The solicitation began on Oct. 17.

The solicitation agent is Scotia Capital Inc. (attn: Michael Lay at 416 863-7257/888 776-3666 or michael_lay@scotiacapital.com). The information agent is Georgeson Shareholder Communications Canada Inc. (888 605-8408).

Vaughan, Ont.-based Cara Operations operates full-service restaurants.

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