UCI Holdings secures forbearance from 80% of holders for 8 5/8% notes

By Susanna Moon

Chicago, March 18 – UCI Holdings Ltd. said wholly owned subsidiaries UCI International LLC and UCI Acquisition Holdings (No.3) Corp. have entered into a forbearance agreement with holders of more than 80% of its 8 5/8% senior notes.

UCI is holding talks with representatives of these noteholders, according to a company press release.

As announced, the issuer decided to skip the interest payment due Feb. 16, triggering a 30-day grace period.

During the forbearance period, which was not specified in the release, noteholders agreed to refrain from taking any actions against the company for failure to pay interest.

The forbearance may be terminated on short notice, the release noted.

The company said it has enough liquidity to meet its obligations to employees, customers and suppliers while the forbearance remains in effect.

UCI is an Evansville, Ind.-based supplier to the light- and heavy-duty vehicle aftermarket for replacement parts, including filtration, fuel delivery systems, vehicle electronics and cooling systems products.

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