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Tekni-Plex again extends consent solicitation for 12¾% notes
New York, April 11 - Tekni-Plex Inc. said it has once more extended its solicitation of consents to amend the indenture of its 12¾% senior subordinated notes due 2010.
The expiry date is now 5 p.m. ET on April 11 instead of 5 p.m. ET on April 8, a deadline previously extended six times from the original March 25.
As announced on March 15, the Coppell, Texas, packaging products manufacturer is seeking a $125 million increase in the amount of debt it can have outstanding at any time and additional flexibility in its ability to incur debt. Currently Tekni-Plex cannot take on more debt apart from limited exceptions.
The consent fee is $5 per $1,000 principal amount.
The offer is subject to conditions including Tekni-Plex raising $30 million of additional equity by selling common or preferred stock.
Citigroup is the solicitation agent (800 558-3745 or call collect 212 723-6106). Bondholder Services Corp. is the information agent.
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