Norcraft Holdings collects needed consents for 9¾% discount notes

By Jennifer Chiou

New York, May 3 - Norcraft Holdings, LP announced the receipt of the necessary consents to amend its and Norcraft Capital Corp.'s $53.7 million of 9¾% senior discount notes due 2012.

As of the 5 p.m. ET on May 2 consent deadline, the company had marked consents from holders of $47.9 million, or 89.3%, of the securities.

The company is soliciting consents to amend the note indenture to substantially eliminate all of the restrictive covenants and some events of default. It has executed a supplemental indenture.

The company launched the cash tender offer for any and all of the notes on April 19. The offer will end at 11:59 p.m. ET on May 16.

Norcraft said it will pay $1,003.75 for each $1,000 principal amount of notes, including a $20.00 consent payment for those who tendered prior to 5 p.m. ET on May 2, plus accrued interest up to but excluding the settlement date.

The company previously added that it intends to redeem any remaining notes following the offer. Under the terms of the indenture, it may call the securities in whole or in part on or after Sept. 1 at par plus accrued interest.

The offer and solicitation are conditioned on the receipt of consents from holders of at least a majority of the notes, the completion of debt financing resulting in gross proceeds of at least $56 million and the execution of a supplemental indenture.

UBS Securities LLC (888 719-4210 or collect at 203 719-4210) is the dealer manager, and Global Bondholder Services Corp. is the information agent (866 470-4300).

Norcraft is a cabinetry company based in Eagan, Minn.

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