KIK obtains consents to amend 6.5% exchangeable debentures

By Jennifer Chiou

New York, May 14 - KIK Acquisition Co. and KCP Income Fund announced that KIK received consents from holders of $74.636 million, or 93.85%, of its 6.5% exchangeable unsecured subordinated debentures due 2010.

The consent solicitation expired at 5 p.m. ET on May 10. It began on April 20.

The company obtained enough consents to amend the note indenture to allow the immediate redemption of all of the debentures for 100% of their principal amount.

The redemption is expected to take place immediately prior to the acquisition of the fund by an acquisition vehicle organized by Caxton-Iseman Capital, Inc., which is scheduled to occur on May 23.

Those who gave consent will receive the consent fee of $32.50 per $1,000 principal amount once the amendments become operative.

Georgeson (866 676-3004) was the information agent, and UBS Investment Bank (203 719-4210 or 888 722-9555, ext. 4210) was the solicitation agent.

KIK is a manufacturer of consumer products based in Concord, Ont. KCP is its parent company.

© 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.