Teksid Aluminum begins consent solicitation for 11 3/8% notes

By Angela McDaniels

Seattle, June 1 - Teksid Aluminum Luxembourg Sarl, SCA said it began a solicitation of consents from holders of its 11 3/8% senior notes due 2011 to amend the note indenture and to waive the company's obligation to tender for the notes within 30 days of its sale of Teksid Aluminum Poland Spzoo.

The proposed amendments will allow the sale of the company's equity interest in Cevher Dokum Sanayi AS to the majority owner, Cevher Jant Sanayi AS, and the waiver will extend the date by which Teksid must hold a tender offer for the notes to June 19 from May 18.

The amendments will also fix a technical error in the indenture, and Teksid needs consents from holders of at least a majority of the notes, according to a company news release.

The consent solicitation will expire at 10 a.m. ET on June 8. Noteholders will not receive a consent fee.

On May 21, parent company TK Aluminum Ltd. said that holders of a majority of the notes had agreed in principal to the amendments and the waiver.

Cevher Jant Sanayi's offer to buy the company's minority interest is valid until June 11.

Teksid Aluminum Luxembourg, a maker of aluminum engine castings for the automotive industry, is a subsidiary of Carmagnola, Italy-based TK Aluminum.

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