Hines Horticulture executes supplemental indenture for 10¼% notes

By Jennifer Chiou

New York, Feb. 7 - Hines Horticulture Inc. and subsidiary Hines Nurseries Inc. announced a successful consent solicitation for their 10¼% senior notes due 2011, prompting the execution of a supplemental indenture.

The Irvine, Calif.-based operator of commercial nurseries sought to amend the note indenture to permit the company to cease filing reports with the Securities and Exchange Commission.

Hines needed consents from holders of a majority of notes.

The solicitation began on Jan. 28.

The company also said that it filed a form 15 with the SEC to deregister its common stock, adding that it expects that its stock will continue to be quoted on the Pink Sheets.

Hines previously noted that it was eligible to deregister because it has fewer than 300 shareholders of record.

On Oct. 11, the company said it retained Miller Buckfire & Co., LLC and Kirkland & Ellis LLP to assist management and the board of directors in evaluating its strategic alternatives.

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