Navigant pulls solicitation to waive defaults on 4.875% convertibles, tries again with improved terms

New York, June 23 - Navigant International, Inc. said it has abandoned its solicitation of consents from holders of its 4.875% convertible subordinated debentures due 2023 to allow more time to file financial reports and waive existing defaults and instead has launched a new solicitation with different terms.

As before, Navigant is asking to be allowed until Oct. 31, 2005 to file its annual compliance certificate and 10-K annual report for the year ended Dec. 26, 2004 and until Nov. 9, 2005 to file its 10-Q quarterly reports for the quarters ended March 27, 2005 and June 26, 2005.

But the company is also proposing to add a make-whole provision to the convertibles that would adjust the conversion price on a change of control through Nov. 1, 2010.

The new solicitation runs to 11:59 p.m. ET on July 21.

Navigant needs approval for a majority of the convertibles and said it has already obtained consents from holders of 51.1%.

The previous solicitation expired at 5 p.m. ET on June 23 after two extensions. It was similar to the new offer but included a $5.00 per $1,000 principal amount consent payment instead of the addition of a make-whole provision.

Navigant is a Denver provider of corporate travel management services.

© 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.