Claymont Steel Announces Consent Solicitation
07/02/2008 - Claymont Steel commences a consent solicitation regarding proposed amendments to the indenture under which its 8.875% Senior Notes due 2015 were issued.
Claymont Steel, Inc. announced that it has commenced a consent solicitation regarding certain proposed amendments to the indenture under which its 8.875% Senior Notes due 2015 were issued.
Claymont said the proposed amendments would delete or modify substantially all of the restrictive covenants, as well as certain events of default and related provisions in the indenture. Holders of a majority in aggregate principal amount of the Notes have indicated that they intend to deliver consents.
The consent solicitation will expire on July 11, 2008, although this period could be extended. Assuming the conditions to the consent solicitation are satisfied, the only consideration received by holders of the Notes that deliver their consents is the company's agreement to commence and consummate a cash tender offer for the Notes.
The company said that terms and conditions of the consent solicitation are described in its June 27, 2008 Consent Solicitation Statement and related Consent Form.
RBS Greenwich Capital is acting as solicitation agent for the consent solicitation. The information and tabulation agent for the consent solicitation is D.F. King & Co., Inc.
The company noted that this announcement does not constitute an offer to purchase or a solicitation of an offer to sell securities. The consent solicitation is being made only pursuant to the company's June 27, 2008 Consent Solicitation Statement and related Consent Form.
