Majestic extends consent solicitation for trust preferreds to March 4

By Melissa Kory

Cleveland, Feb. 28 - Majestic Capital Ltd. subsidiary Majestic USA Capital, Inc. said it again extended the consent solicitation deadline for its $35 million of junior subordinated trust preferred securities due 2036.

The offer will now end at 5 p.m. ET on March 4, pushed back from Feb. 25, Feb. 11, Jan. 24, Dec. 23 and Dec. 3. It began on Nov. 3.

Majestic is seeking consents from holders to amend some events of default and covenants in the indenture governing the trust preferreds.

Consents are needed from the holders of a majority of the trust preferreds in order to amend the notes.

As previously noted, the company is not offering a consent fee.

The adoption of the proposed amendments is a condition to the completion of Bayside Equity Partners LLC's acquisition of the company.

The solicitation agent is Georgeson Inc. (212 440-9800 for banks and brokers; others call 866 391-6921).

Majestic Capital is a specialty provider of workers' compensation insurance products and services. It is based in Hamilton, Bermuda.

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