New York City time, on October 16, 2014 or (ii) the date and time that Requisite Consents (as defined below) are received to approve the supplemental indenture
for the Proposed Amendments relating to such Notes.
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.
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.
However, the covenant levels contained in REIT bond indentures
generally prevent credit profiles from deteriorating below the BB rating level.
Notwithstanding Bally's solicitation of waivers, no assurance can be given that an event of default under the indentures
will not occur in the future.
As a result, delivery of these notices could result in acceleration of Bally's obligations on or after August 14, 2005, under the credit agreement and the indentures
, causing over $700 million of Bally's debt obligations to become immediately due and payable.
Although it is the position of Hollinger that the Receiver Action did not result in a change of control of Hollinger, within the meaning of the indentures
") governing Hollinger's senior secured notes, in view of potential assertions by noteholders that such a change of control has occurred, Hollinger determined to make the change of control offer that would be required by the Indentures
in that event.
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"):
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.