Heating Finance parent gets OK from lenders to amend facility

By Jennifer Chiou

New York, Oct. 5 - Heating Finance plc said that 97% of the senior lenders to its parent Baxi Holdings Ltd. confirmed their agreement to proposed amendments to the terms of its existing senior facilities.

On Sept. 19, Heating Finance said that the principal shareholders of Baxi Holdings, which are funds advised by BC Partners and Electra Partners, had put proposals to its senior lenders, which would involve the investment of £40 million of new funds into the Baxi Holdings Ltd. Group.

The new funds will be invested in the form of new equity and unsecured loan notes, which will be subordinated to the senior debt and the 7 7/8% mezzanine notes due 2014 issued by Heating Finance.

The amendment to the facilities is slated to wrap by the end of October.

The company was seeking consent from a 66.7% majority of the lenders.

Heating Finance is a Derby, England, heating products company.

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