Avondale solicits consents to end SEC filing

New York, May 25 - Avondale Mills, Inc. announced it is soliciting consents from holders of its 10¼% senior subordinated notes due 2013 and its senior floating-rate notes due 2012 to end the requirement for it to file annual reports and other documents with the Securities and Exchange Commission.

Instead the Monroe, Ga., textile manufacturer will provide essentially the same information directly to noteholders, including holding quarterly conference calls.

As part of the amendments to the note indentures, Avondale Mills will pay an additional 0.25 basis points of interest on March 1 of each year.

The company is offering a consent fee of $2.50 per $1,000 principal amount to holders who deliver consents.

The solicitation is subject to holders of at least a majority of the notes delivering consents.

Expiration is 5 p.m. ET on June 15.

Avondale Mills is seeking to make the change in order to save the "burden and expense" of filing with the SEC and complying with section 404 of the Sarbanes-Oxley Act of 2002.

MacKenzie Partners, Inc. is the information agent (800 322-2885 or 212 929-5500, attention Jeanne Carr).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.