Phoenix wants to amend 7.45% bonds indenture due to late 10-Q filing

By Toni Weeks

San Diego, Dec. 6 - Phoenix Cos. began a consent solicitation to amend the term of the indenture for its 7.45% quarterly interest bonds due 2032, of which about $253 million remains outstanding.

The company wants to extend the date for providing the third-quarter 2012 form 10-Q periodic report to the bond trustee and needs the consent of bondholders representing a majority in principal amount of the bonds to do so.

According to a previous company announcement, Phoenix is restating its financial statements for prior periods and, as a result, delayed filing its third-quarter 2012 form 10-Q with the SEC. The company said it intends to file this report before it files its year-end 2012 form 10-K with the SEC, which is due March 18.

As a result of the restatement, the company did not file the 10-Q report with the bond trustee within 15 days following the SEC filing deadline. The company is seeking to remedy this covenant violation through the amendment.

Phoenix said it will provide bondholders with a consent statement and begin the consent solicitation within the next 10 days.

Hartford-based Phoenix is a boutique life insurance and annuity company.

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