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Heating Finance amends 7 7/8% mezzanine notes
New York, June 30 - Heating Finance plc said it received the necessary consents to amend its 7 7/8% mezzanine notes due 2014 and all the other conditions were satisfied.
As announced on June 1, the company was requesting approval for Baxi Group to acquire the heating business of Corporacion Empresarial Roca SA and to incur senior secured debt for future acquisitions. Heating Finance is also seeking to amend the note indenture to reflect the larger size of the Baxi Group and to provide the flexibility necessary to implement its business plan. Heating Finance is part of Baxi Group.
On June 9 it amended the solicitation, reducing the senior leverage test in the permitted liens definition to 3.75:1 from 4.0:1.
Holders who consented will receive a fee of £20 per £1,000 principal amount. Heating Finance needed consents for 50% of the notes.
The solicitation ended on June 15.
Royal Bank of Scotland plc is solicitation agent (Paolo Pascarelli or Craig Scordellis at +44 207 085 5000).
Heating Finance is a Derby, England, heating products company.
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