Majestic USA Capital gets consents needed to amend trust preferreds

By Angela McDaniels

Tacoma, Wash., March 3 - Majestic Capital Ltd. subsidiary Majestic USA Capital, Inc. successfully completed the consent solicitation for its $35 million junior subordinated trust preferred securities due 2036, according to a company news release.

Majestic USA was seeking consents from the holders to amend some events of default and covenants in the indenture governing the trust preferreds. The amendments became effective March 3.

Consents were needed from the holders of a majority of the trust preferreds in order to make the amendments.

The consent solicitation began Nov. 3 and was scheduled to expire at 5 p.m. ET on March 4 after being extended multiple times. It was originally expected to expire on Dec. 3.

The company was not offering a consent fee, according to an 8-K filing with the Securities and Exchange Commission.

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 was 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.

© 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.