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Protection One, Integrated Alarm announce exchange offer for Integrated Alarm's 12% notes
By Laura Lutz
Washington, Feb. 22 - Protection One Alarm Monitoring, Inc., a subsidiary of Protection One, Inc., and Integrated Alarm Services Group, Inc. launched an exchange offer and consent solicitation for all of Integrated Alarm's $125 million outstanding principal amount of 12% senior secured notes due 2011.
The exchange offer is being conducted in connection with a planned merger between Protection One and Integrated Alarm.
Holders who tender their Integrated Alarm notes will receive the same principal amount of 12% senior secured notes of Protection One Alarm Monitoring.
The Alarm Monitoring notes will initially pay interest at a rate of 13% per year. The interest rate will drop to 12% after completion of a registered exchange offer filed with the Securities and Exchange Commission.
Integrated Alarm is also soliciting consents to eliminate or amend substantially all of the restrictive covenants in its notes' indenture.
Holders who exchange their notes will be required to submit consents, and vice versa.
The consent solicitation will expire at 5 p.m. ET on March 9, and the exchange offer will end at 8 a.m. ET on April 2.
Settlement of the offer depends on conditions including receipt of consents from holders of at least 85% of the Integrated Alarm notes and completion of the merger.
Bear, Stearns & Co. Inc. (877 696-BEAR) will act as financial advisor. D. F. King & Co., Inc. (888 644-6071) is the information agent.
Based in Lawrence, Kansas, Protection One provides security monitoring services. Integrated Alarm is a security alarm provider based in Albany, N.Y.
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