Insight, subsidiaries solicit consents for 12¼% notes, 9¾% notes, 10½% notes

By Jennifer Chiou

New York, Sept. 28 - Insight Communications Co., Inc. launched a consent solicitation for its 12¼% senior discount notes due 2011 while Insight Midwest, LP and Insight Capital, Inc. are requesting consents for their 9¾% senior notes due 2009 and 10½% senior notes due 2010.

The deadline is 5 p.m. ET on Oct. 12, unless extended.

The New York cable television system operator and its 50% owned subsidiaries are soliciting consents to waive an indenture provision relating to its merger agreement with Insight Acquisition Corp. and related transactions.

Insight Communications said it will pay holders 0.125% of the accreted value of their 12¼% notes and 0.125% of the principal amount of their Insight Midwest notes.

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

J.P. Morgan Securities Inc. and Banc of America Securities LLC are the consent solicitation agents.

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