Trustreet Properties extends consent solicitation for 7½% senior notes

By Michelle Anderson

Rochester, N.H., Feb. 23 - Trustreet Properties, Inc. extend the consent solicitation for its 7½% senior notes due April 1, 2015 to 5 p.m. ET on Friday.

The solicitation is being carried out as part of a proposed acquisition of Trustreet by General Electric Capital Corp.

Stockholders approved the transaction during a special meeting on Thursday.

If the consents required to adopt the proposed amendments are received and other conditions are met, General Electric will unconditionally guarantee all payment obligations of Trustreet's notes, according to a press release.

No other terms of the solicitation, which started on Jan. 24, were changed.

As previously announced, the proposed amendments would eliminate substantially all of the restrictive covenants, including those limiting or conditioning Trustreet's mergers, consolidations and asset sales; reporting requirements; the requirement to offer to repurchase the notes upon a change of control; and non-payment events contained in the indenture.

D.F. King & Co., Inc. (banks and brokers call 212 269-5550, all others call 800 697-6975) is the information and tabulation agent for the consent solicitation.

Trustreet Properties is an Orlando, Fla.-based real estate investment trust focused on the restaurant industry.

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