Special Devices receives consents to end SEC filing

New York, May 31 - Special Devices, Inc. said it received the necessary consents from holders of its $73.594 million of 11 3/8% senior subordinated notes due 2008 to end its requirement to make filings with the Securities and Exchange Commission.

The Moorpark, Calif., manufacturer of pyrotechnic devices for airbags received sufficient approvals May 25.

As announced April 26, the company was seeking to amend the note indenture so that it no longer has to file 10-Q quarterly and 10-K annual reports with the SEC along with 8-K current reports. As of the record date, there were only seven holders of the notes.

Instead, Special Devices will send financial and other information to the note trustee and holders, a change that will result in significant savings.

The solicitation would have expired at 5 p.m. ET on May 27 had the company not received enough consents earlier.

Special Devices needs the consent of holders of a majority of the notes.

© 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.