American Seafoods ups fee, again extends consent solicitation for 11½% notes

By Jennifer Chiou

New York, March 12 - ASG Consolidated LLC (American Seafoods) once more extended the consent solicitation for its 11½% senior discount notes due 2011, this time to 5 p.m. ET on March 14.

The deadline was previously extended from March 9, March 7, March 2 and Feb. 23.

American Seafoods said it will now pay a fee of $10.00, augmented from $5.00, per $1,000 principal amount at maturity of notes to those who consent. The initial cash payment will be multiplied by a fraction, the numerator of which is the principal amount at maturity of notes outstanding on March 14, the solicitation deadline, over the amount of accepted notes.

In addition, as long as any of the notes remains outstanding - and not subject to a notice of redemption - on Nov. 1, 2008 and on each Feb. 1, May 1, Aug. 1 or Nov. 1 thereafter, excluding the maturity date, investors will receive an additional cash payment of $2.50 per quarterly accrual date.

As announced on Feb. 14, the company is soliciting consents to amend the indenture to delete the requirement that it file periodic and current reports with the Securities and Exchange Commission. Instead, the company would be required to provide information to the trustee and noteholders and to make the information available via the internet.

The proposed amendments would also substitute a reporting obligation similar to, but more extensive than, the one required under the company's senior credit facility.

The company would still be obliged to provide annual and quarterly financial information and current information via 8-K reports with the SEC.

The company is seeking consents from holders of a majority of the notes.

Banc of America Securities LLC (888 292-0070 or call collect 704 388-9217) is the solicitation agent. Global Bondholder Services Corp. (866 470-3800 or call collect 212 430-3774) is the information agent and tabulation agent.

The Seattle-based integrated seafood company said it issued the notes with ASG Finance, Inc.

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