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InterDent gets required consents to amend 10¾% notes
By Jennifer Chiou
New York, March 16 - InterDent Service Corp. announced that it received consents from holders of a majority of its 10¾% senior secured notes due 2011 to amend the note indenture.
The El Segundo, Calif.-based provider of dental practice management services obtained approval of a supplemental indenture to eliminate the requirement that it file reports with the Securities and Exchange Commission.
InterDent noted that it has agreed to continue to provide quarterly and annual financial statements, together with a management's discussion and analysis of financial conditions, to noteholders.
The supplemental indenture also restricts certain payments, including dividends, for two years. InterDent previously was permitted to make restricted payments of up to $2.5 million from and after Dec. 15, 2004, the date of the indenture, so long as no default or event of default has occurred.
Linked to the adoption of the supplemental indenture, the company will pay to each holder of its notes a one-time fee of 0.5% of the principal amount held.
The company added that it intents to file a Form 15 with the SEC to deregister the notes.
"After careful consideration, our board of directors decided that, in light of the limited trading activity on the notes and the ongoing costs and expenses associated with remaining a public company, the burdens associated with operating as a registered public company currently outweigh any advantages," president and chief executive officer Ivar Chhina said in a news release.
InterDent added that it is qualified to deregister because it has substantially fewer than 300 noteholders.
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