Ahern Rentals amends, extends consent solicitation for its 9¼% notes

By Susanna Moon

Chicago, Dec. 18 - Ahern Rentals Inc. said it amended the consent solicitation for its 9¼% second-priority senior secured notes due 2013 to reduce the minimum amount of priority-lien debt it can incur to $396 million from $425 million.

Ahern also extended the deadline for the solicitation to 5 p.m. ET on Dec. 23 from 5 p.m. ET on Dec. 18. It began on Dec. 7.

On Dec. 16, the company's legal counsel Bracewell & Giuliani LLP said that several holders of Ahern's 9¼% notes formed a group to consider the company's consent solicitation and related proposed financing.

Bracewell & Giuliani said at the time that other noteholders are interested in participating in the discussions should contact the firm's Kurt Mayr at 860 256-8534.

As previously reported, Ahern Rentals wants to modify the note indenture and the intercreditor agreement among the company, trustee Wells Fargo Bank, NA and collateral and control agent Wachovia Bank, NA to increase the permitted priority lien cap in connection with a new term loan facility, which is expected to be effected through an amendment to the company's credit facility.

Consents are needed from the holders of a least a majority of the notes.

Holders who consent will receive $2.50 per $1,000 principal amount of notes.

Oppenheimer & Co., Inc. (212 885-4592) is the solicitation agent.

Ahern Rentals is a Las Vegas-based equipment rental company.

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