Dresser gets required consents for 9 3/8% notes due 2011

By Jennifer Chiou

New York, Dec. 20 - Dresser, Inc. announced it received the required consents to amend the indenture of its $550 million of 9 3/8% senior subordinated notes due 2011.

The company was looking to amend the notes' indenture to waive all defaults related to reporting requirements and extend to Feb. 15, 2006 the deadline to deliver its financial statements to the Securities and Exchange Commission for the year ended Dec. 31, 2004 and the quarters ended March 31, 2005, June 30 and Sept. 30.

The consent solicitation, which applied to holders of record as of Dec. 6, expired at 5 p.m. ET on Dec. 19.

For each $1,000 in principal amount of notes, Dresser will pay a consent fee of $1.25 in cash.

The amendment and waiver, which are for the company's previously announced delay in issuing restated financial statements, will also permit a similar extension to file pro forma financial information for its already announced sale of its on/off valve business.

The solicitation was conditioned upon the receipt of consents from a majority of noteholders.

MacKenzie Partners, Inc. is the information agent (800 322-2885 or call collect 212 929-5500). Morgan Stanley & Co., Inc. is the solicitation agent (800 624-1808 or call collect 212 761-1941).

Dallas-based Dresser designs and manufactures equipment and services for flow control, measurement systems and compression and power systems.

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