Pall solicits consents for 6% notes

By Jennifer Chiou

New York, Sept. 26 - Pall Corp. announced the start of a consent solicitation for its $280 million of 6% senior notes due 2012.

The East Hills, N.Y., medical-device company is soliciting consents for amendments of certain reporting requirements in the note indenture in connection with its expected delay in filing its fiscal year 2007 form 10-K as well as the potential delay in its filing of its 10-Q for the fiscal quarter ending Oct. 31.

The solicitation also seeks holders' consent to a waiver of any defaults under certain provisions of the indenture through Dec. 31.

The deadline is 5 p.m. ET on Oct. 10.

Pall is seeking consents from holders of a majority of notes.

The company said it will pay $2.50 for each $1,000 in principal amount of notes.

In addition, the company is seeking additional waivers if it becomes current in its Securities and Exchange Commission reporting obligations after Dec. 31, for which it would pay additional consent fees.

Pall noted that it has received from lenders of its other credit agreements similar reporting and default waivers through Dec. 31.

J.P. Morgan Securities Inc. is the solicitation agent (800 834-4666 or call collect 212 834-4077). Global Bondholder Services Corp. is the information and tabulation agent (866 612-1500 or call collect 212 430-3774).

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