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AS 4finance begins consent solicitation for $170 million 13% notes
By Toni Weeks
San Luis Obispo, Calif., June 19 – AS 4finance began a consent solicitation for its $170 million of 13% senior notes due 2015, according to a company announcement with the London Stock Exchange.
The issuer is seeking to obtain consents to certain amendments to the terms and conditions of the notes and certain related waivers and agreements.
Specifically, the issuer seeks a waiver of any breach of Condition 5(g), “No Consolidation or Merger,” that may have arisen as the result of a transfer of shares to 4finance Holding SA from the issuer as well as the abrogation of any rights and remedies that the noteholders may have as a result of such breach.
Noteholders who deliver voting instructions in favor of the extraordinary resolution prior to the early instruction deadline, 11 a.m. ET on July 2, will receive an early instruction fee of $5.00 per $1,000 principal amount of notes if the resolution passes.
The consent solicitation will expire at 5 a.m. ET on July 10. The issuer will hold a noteholder meeting, the time and date of which will be announced at 5 a.m. ET on July 11, and results will be announced immediately following the meeting.
If the resolution is passed, payment of the early instruction fee will occur within three business days.
If the meeting is adjourned, an adjourned meeting will be held at 5 a.m. ET on July 28.
Credit Suisse Securities (Europe) Ltd. (44 0 207 704 0880 or liability.management@credit-suisse.com) is the solicitation agent. Lucid Issuer Services Ltd. (44 0 207 704 0880 or 4finance@lucid-is.com) is the tabulation agent.
The provider of short-term loans is based in Riga, Latvia.
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