Although there can be no assurance that the Company will meet this schedule, the Company intends to file the Third Quarter 10-Q and to provide copies of that report (including its third quarter financial statements) to the trustee under the indentures on or before December 24, 2006, which would be in time to cure any default that might be declared under the indentures as a result of the delayed filing of the Third Quarter 10-Q.
New York time) on October 24, 2006 of its Senior Notes, to approve a proposed amendment to the indenture for its Senior Notes to extend the time for the Company to file the Third Quarter 10-Q no later than February 23, 2007.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements with respect to the Company's cure of the alleged defaults under the indentures
governing the notes.
However, following execution of the supplemental indentures, all holders of the applicable Notes will be entitled to receive special interest.
In addition, the restatement may require more time than anticipated to complete, and there can be no assurance that the restatement will be completed, and the Form 10-Q the quarter ended March 31, 2006 filed with the Securities and Exchange Commission, prior to an Event of Default occurring under the indentures governing the Notes.
However, the covenant levels contained in REIT bond indentures generally prevent credit profiles from deteriorating below the BB rating level.
These provisions insure that the terms agreed to in the bond indenture continue to be the specific responsibility of the surviving entity.
NYSE: HET) announced today that it has received the required consents from noteholders to execute supplemental indentures amending the indentures governing the following series of notes in the aggregate principal amount outstanding of $3,525,000,000 (the "Notes"):
The supplemental indentures will be executed by Harrah's Operating Company, Harrah's Entertainment and each trustee under the indentures and will amend the indentures to allow the consolidated annual audited financial statements of Harrah's Entertainment and its subsidiaries, and the periodic and other reports filed by Harrah's Entertainment with the Securities and Exchange Commission, to satisfy the requirement for Harrah's Operating Company to deliver consolidated annual audited financial statements and such periodic and other reports to the respective trustees.
New York time, on June 10, 2005, of the previously announced solicitation of consents by its wholly owned subsidiary, The Kansas City Southern Railway Company ("KCSR"), to amend the indentures
, as supplemented where applicable (the "Indentures
"), under which KCSR's outstanding 9 1/2% Senior Notes due 2008 (the "9 1/2% Notes") and outstanding 7 1/2% Senior Notes due 2009 (the "7 1/2% Notes" and together with the 9 1/2% Notes, the "Notes") were issued.
The supplemental indentures
have been executed by Crompton and the trustee for the Notes, but the amendments therein will not become operative until such time as the Company notifies Global Bondholder Services Corporation, the information agent, tabulation agent and paying agent for the Consent Solicitation, on or prior to September 1, 2005, that each of the conditions set forth in the Company's Consent Solicitation Statement dated May 16, 2005 (the "Consent Solicitation Statement"), including the closing of the definitive merger agreement for an all-stock merger transaction between Crompton and Great Lakes Chemical Corporation, is satisfied or waived.
Tesoro currently intends to optionally redeem on December 16, 2005, in accordance with the terms of the indenture
governing the 2008 Subordinated Notes, all 2008 Subordinated Notes that remain outstanding at that time, at the applicable redemption price of 104.