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Kaman launches consent solicitation for 3.25% convertibles due 2024
By Sarah Lizee
Olympia, Wash., July 8 – Kaman Corp. began a consent solicitation relating to proposed amendments to the indenture governing its $200 million 3.25% convertible senior notes due 2024, according to a press release.
Consents must be submitted by 5 p.m. ET on July 15.
Holders who submit consents will be eligible to receive a consent fee of $2.50 per $1,000 principal amount.
The proposed amendments relate to the previously announced share purchase agreement among Kaman, LJ KIT Blocker, Inc., LJ KAI Blocker, Inc. and LJ KFP Blocker, Inc.
Under the sale agreement, through a series of transactions, LJ KIT, LJ KAI and LJ KFP will acquire from Kaman all of the issued and outstanding shares of Kaman Industrial Technologies Corp.
Kaman is soliciting consents to amend the indenture governing the notes to expressly provide that the transactions contemplated by the sale agreement do not violate the indenture.
Adoption of the proposed amendments is conditioned upon receipt of valid consents of at least a majority of the aggregate principal amount.
The supplemental indenture will be executed after the required consents are received, but the proposed amendments will become operative only upon the payment of the consent fee.
J.P. Morgan Securities LLC is the solicitation agent (866 834 4666 toll-free or 212 834 3260). D.F. King & Co., Inc. (800 676 7437 toll free or 212 269 5550 for bankers and brokers) is the information, tabulation and paying agent.
Based in Bloomfield, Conn., Kaman makes proprietary aircraft bearings and components.
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