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Copies of the report, The Feasibility and Desirability of Mandatory Subordinated Debt, are available on the web sites of the Board, www.
This means owners applying for subordinated loans can expect due diligence to ensure cash flow and earning targets will be met.
In addition, the Bondholders' proposal contemplates that the holders of Envirodyne's 14 percent senior subordinated debentures and 13-1/2 percent subordinated notes would shares, on a 15 percent - 85 percent basis, respectively, in certain settlement or litigation proceeds.
This classification recognizes their junior subordinated ranking, the maturity of the underlying instruments in excess of 20 years, and the deferral feature of more than five years.
The warrants issued to the holders of the new senior subordinated notes and Emerald Acquisition would expire 10 years from the date of issuance.
The senior subordinated downgrade reflects Sanmina layering $600 million of senior unsecured debt on top of the senior subordinated debt, resulting in lower recovery prospects for the subordinated debt.
New York City time, on October 2, 2006, $96,735,000 in aggregate principal amount of the Senior Subordinated Notes had been properly tendered and not withdrawn as part of the private exchange offer.
today announced the sale of $350 million principal amount of Series B Enhanced Junior Subordinated Debentures due October 1, 2066.
4% Contingent Convertible Subordinated Notes and 2.
The Senior Subordinated Notes will rank junior in right of payment to all of MTR's existing and future senior indebtedness (including MTR's senior secured credit facility and its 9 3/4% Senior Notes due 2010) and will rank equal in right of payment with any senior subordinated indebtedness that MTR may incur.
Holders of Subordinated Notes who validly tendered their Subordinated Notes after the consent payment deadline but prior to the expiration time will receive $1,037.