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Timco starts early conversion offer for convertibles
By Ted A. Knutson
Washington, Jan. 26 - Timco Aviation Services, Inc. said it has begun its early conversion offer for its 8% senior subordinated convertible PIK notes due 2006 and 8% junior subordinated convertible PIK notes due 2007.
The company is offering a 15% premium.
The offer by the Greensboro, N.C., aviation maintenance firm expires 5 p.m. ET March 1.
Timco is also asking noteholders to approve proposed amendments to the indentures which would remove all material covenants.
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