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Majestic USA Capital begins consent solicitation for trust preferreds
By Angela McDaniels
Tacoma, Wash., Nov. 3 - Majestic Capital Ltd. subsidiary Majestic USA Capital, Inc. is soliciting consents from the holders of its $35 million junior subordinated trust preferred securities due 2036, according to a company news release.
Majestic USA is seeking to amend some events of default and covenants in the indenture governing the trust preferreds.
Consents are needed from the holders of a majority of the trust preferreds in order to make the amendments.
The consent solicitation will expire at 5 p.m. ET on Dec. 3.
The company is not offering a consent fee, according to an 8-K filing with the Securities and Exchange Commission.
The adoption of the proposed amendments is a condition to the completion of Bayside Equity Partners LLC's acquisition of the company.
The solicitation agent is Georgeson Inc. (212 440-9800 for banks and brokers, others call 866 391-6921).
Majestic Capital is a specialty provider of workers' compensation insurance products and services. It is based in Hamilton, Bermuda.
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