Stena starts consent solicitation for 7½%, 7% notes

By Jennifer Chiou

New York, March 23 - Stena AB announced the launch of a consent solicitation for its $175 million of 7½% senior notes due 2013 and $250 million of 7% senior notes due 2016.

The company said it is soliciting consents to make the note indentures generally consistent with the indentures of its 6 1/8% senior notes due 2017 and 5 7/8% senior notes due 2019.

The deadline is 5 p.m. ET on April 6.

For each $1,000 principal amount of notes, Stena said it will pay $20.00.

Stena said it requires consents from holders of a majority of notes. The solicitations are also conditioned on receiving the necessary consents for both notes series.

MacKenzie Partners, Inc. is the information agent (800 322-3885 or call collect 212 929-5500). JPMorgan is the solicitation agent (800 245-8812 or call collect 212 270-1477).

Stena is based in Gothenburg, Sweden, and has operations in shipping and offshore oil and gas exploration.

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