Norcross completes consent solicitation for 9 7/8% notes, 11¾% notes

New York, July 20 - Norcross Safety Products LLC and Norcross Capital Corp. said they have completed their solicitation of consents to amend their 9 7/8% senior subordinated notes due 2011.

NSP Holdings LLC has also received consents for its 11¾% senior pay-in-kind notes.

All consents have now been accepted for payment.

Norcross previously announced on June 24 that it had received the necessary consents but said at the time that there were still a number of conditions to be met before the changes take effect, including completion of the acquisition of Norcross.

The solicitation was ended at 11:59 p.m. ET on June 24.

As announced on June 13, the solicitation is in connection with the planned acquisition - now completed - of the company by Safety Products Holdings, Inc. and is contingent on the sale closing. Safety Products Holdings plans to assume Norcross' debt.

Norcross was seeking to amend some provisions of the note indenture and waive others, primarily to amend the definition of "permitted holder" to mean Odyssey Investment Partners Fund III, LP, General Electric Pension Trust and their affiliates and to waive Norcross' obligations to carry out a change-of-control tender offer.

Holders who consented will receive $2.50 per $1,000 principal amount of the 9 7/8% notes and $90.00 per $1,000 principal amount of the 11¾% notes.

The Oak Brook, Ill., maker of personal protection equipment needed the consents of holders of a majority of each series of notes.

Credit Suisse First Boston LLC is solicitation agent (800 820-1653 or call collect 212 538-0652). D.F. King & Co., Inc. is information agent and tabulation agent (800 848-2998 or call collect 212 269-5550).

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