Consolidated Thompson gets consents to redeem convertibles due 2017

By Susanna Moon

Chicago, March 23 - Consolidated Thompson Iron Mines Ltd. said it received enough consents to amend its convertible unsecured subordinated debentures due Nov. 30, 2017.

The company sought approval to redeem the convertibles for cash at any time after a cash change-of-control conversion period expires. Consolidated Thompson previously said that it wanted to redeem notes after it is acquired by Cliffs Natural Resources Inc.

As of 5 p.m. ET on March 22, holders of $219,936,000, or 95.6%, of the convertibles had delivered consents.

Under the offer terms, the consent solicitation was set to expire at 5 p.m. ET on April 5 unless the company received the consents it needed by March 22, in which case the solicitation would end at that time. It began on March 9.

The amendment required the consent of holders of two-thirds of the notes.

The company may pay a consent fee, subject to the satisfaction of some conditions, and it has elected to prorate the acceptance of consents.

Georgeson Shareholder Communications Canada Inc. (866 374-9879 or askus@georgeson.com) is the information agent. CIBC World Markets Inc. (416 594-8751 or 416 956-3702) is the solicitation agent.

Consolidated Thompson is a Montreal-based mining company.

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