GenCorp receives consents to amend 9½% notes

New York, June 27 - GenCorp Inc. received the necessary consents to amend the indenture of its 9½% senior subordinated notes due 2013.

By the expiration time of 5 p.m. ET on June 27, consents were submitted for $96.9 million or 99% of the notes.

GenCorp also said it amended its credit agreement to increase its letter of credit subfacility to $80 million from $44 million to provide capacity for additional letters of credit required by various environmental agencies and to increase the term loans to provide collateral for the April 2007 maturity of GenCorp's $19.8 million of 5¾% convertible subordinated notes.

Receipt of consents follows an increase in the payment on offer and multiple extensions, most recently from 5 p.m. ET on June 23. Earlier it was extended from 5 p.m. ET on June 22, 5 p.m. ET on June 21 and 5 p.m. ET on June 20.

The consent payment on offer was $6.00 per $1,000 principal amount after being raised from $1.25.

The amendment permits GenCorp to increase indebtedness under its senior credit agreement.

As announced on June 8, GenCorp is seeking consents from a majority of noteholders and said it will pay a consent fee of $1.25 for each $1,000 principal amount of notes, a figure subsequently increased.

Wachovia Securities is the solicitation agent (call collect 704 715-8341 or 866 309-6316). Global Bondholder Services Corp. is the tabulation and information agent (call collect 212 430-3774 or 866 470-4500).

The Sacramento, Calif., company is a technology-based manufacturer of aerospace and defense products.

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