LM Group gets consents for 8% notes to allow additional secured debt

By Wendy Van Sickle

Columbus, Ohio, Sept. 22 – LM Group Holding A/S said that it received the necessary consents on Tuesday to amend its €130 million of 8% senior secured notes due 2019.

Changes to the note covenants will allow LM Group to incur €50 million of additional secured debt.

LM Group said it sought the amendments to allow it to raise additional financing to fund expansion of its manufacturing capacity.

At a Tuesday meeting, a quorum was met and the amendments were passed and took effect immediately, the company said in a notice.

As previously reported, LM Group needed consents of more than 50% of votes cast at the meeting, and at least 20% of the notes had to be represented in order to achieve a quorum.

LM Group will pay a consent fee to consenting noteholders. The fee is 1% for those who delivered their consents by the early deadline.

The company announced the consent solicitation on Sept. 1.

Nordea Bank Danmark A/S (+45 3333 1675 or bibi.larsen@nordea.com) is the solicitation agent, and Intertrust CN Denmark A/S is the tabulation agent.

The supplier of rotor blades for wind turbines is based in Kolding, Denmark.

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