Ahern Rentals noteholder group forms to consider consent solicitation

By Angela McDaniels

Tacoma, Wash., Dec. 16 - Several holders of Ahern Rentals Inc.'s 9¼% second-priority senior secured notes due 2013 have formed a group to consider the company's consent solicitation and related proposed financing, according to a news release from legal counsel Bracewell & Giuliani LLP.

Bracewell & Giuliani said other noteholders who are interested in participating in the discussions should contact the firm's Kurt Mayr at 860 256-8534.

As previously reported, Ahern Rentals wants to modify the note indenture and the intercreditor agreement among the company, trustee Wells Fargo Bank, NA and collateral and control agent Wachovia Bank, NA to increase the permitted priority lien cap in connection with a new term loan facility, which is expected to be effected through an amendment to the company's credit facility.

Consents are needed from the holders of a least a majority of the notes.

Holders who consent will receive $2.50 per $1,000 principal amount of notes.

The consent solicitation began Dec. 7 and will expire at 5 p.m. ET on Dec. 18.

Oppenheimer & Co., Inc. (212 885-4592) is the solicitation agent.

Ahern Rentals is a Las Vegas-based equipment rental company.

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