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Thermadyne solicits consents for 9¼% notes after another filing delay, reaches agreement with lenders
By Jennifer Chiou
New York, July 21 - Thermadyne Holdings Corp. announced the start of a consent solicitation for its $175 million of 9¼% senior subordinated notes due 2014 as a result of further delays in filing prior financial statements.
As previously announced, the company will restate financial statements for the seven months ended Dec. 31, 2003, the 12 months ended Dec. 31, 2004, each of the quarters in the year ended Dec. 31, 2004 and the first three quarters of 2005.
The company also said it reached an agreement with its senior secured lender to extend its reporting requirements until July 28 and also amended its agreement with its second-lien secured lenders, under which Thermadyne will receive an additional $20 million to repay an outstanding term loan and a portion of its revolving credit facility with the senior secured lender.
The consent solicitation for the notes expires on July 31.
Thermadyne is seeking to amend the note indenture to waive existing defaults due to missed filing deadlines. The amendments would extend the deadlines for the company's 2005 10-K and first-quarter 2006 10-Q to Aug. 21 and for its second quarter 10-Q to Dec. 17.
The company will also pay additional special interest of 1.25% per year on the notes and contingent consent fees.
Thermadyne has received consents from a majority of noteholders.
On May 10, the company had received enough consents in a previous solicitation for its 9¼% notes after a delay in filing its 10-K for 2005.
Thermadyne is a St. Louis-based designer and manufacturer of cutting and welding products.
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