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Tacora Resources begins consent bid for 8¼% notes due 2026
By Rebecca Melvin
Concord, N.H., Feb. 8 – Tacora Resources Inc. announced that it has commenced a solicitation of consents from holders of its 8¼% senior notes due 2026, according to a company news release.
The purpose of the solicitation is to obtain approval to modify the indenture to permit the incurrence of up to C$50 million additional secured and unsecured debt.
Adoption of the proposed change requires consents from holders of a majority of the principal amount of the notes.
The company has entered into support agreements with holders of an aggregate principal amount exceeding 50% of the outstanding notes.
The solicitation will expire at 5 p.m. ET on Feb. 14.
A consent fee of C$10 in cash for each C$1,000 principal amount of notes is expected to be paid.
Jefferies LLC (203 708-5967; atretner@jefferies.com) is solicitation agent, and IHS Markit (212 849-3880; 888 593-9546; ipreo-consentSolicitation@ihsmarkit.com) is tabulation agent.
The iron ore producer is based in Montreal.
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