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Heating Finance solicits consents from holders of 7 7/8% notes
By Jennifer Chiou
New York, July 23 - Heating Finance plc announced the start of a consent solicitation for its 7 7/8% mezzanine notes due 2014.
On July 3, the company announced that Baxi Group had successfully reached an agreement in principle with De Dietrich Remeha Group to form a combined group that would have a leading position in the European heating products market.
On Wednesday, Baxi entered into a sale and purchase agreement with Dietrich Remeha.
Heating Finance is looking for consents so that the transaction does not trigger a change of control under the note indenture. Consents will also amend the indenture to reflect the new combined group that results from the transaction and address the needs of the combined group.
The consent solicitation expires at noon ET on Aug. 12.
The company said it will pay a consent fee of £5.00 for each £1,000 principal amount of notes if holders of a majority of notes deliver consents.
Concurrently with the consent solicitation, Heating Finance said it will seek consents from its senior lenders to amend its senior credit facility to permit the integration of the two groups and their respective bank financing arrangements and to permit greater operating and financing flexibility for the combined group.
Questions may be directed to Bank of New York Mellon (44 207 964 4958 or eventsadministration@bnymellon.com).
Heating Finance is a heating products company based in Derby, England.
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