Home / Knowledge / News / Textiles / PetroLogistics extends expiry date of consent solicitation
PetroLogistics extends expiry date of consent solicitation
07
Jul '14
PetroLogistics LP announced that it and PetroLogistics Finance Corp. have extended the expiration time of the previously announced solicitation of consents (the "Consent Solicitation") from holders of the Issuers' outstanding 6.25% Senior Notes due 2020 (the "Notes") to approve amendments (the "Proposed Amendments") to the indenture relating to the Notes to 5:00 p.m., New York City time, on July 9, 2014 (the "New Expiration Time"). As set forth in the Consent Solicitation Statement dated June 24, 2014, as of 5:00 p.m., New York City time, on July 2, 2014 Holders of the Notes are no longer able to withdraw their consents, whether given before or after that time.
 
The consent payment for the Consent Solicitation is also being amended to provide that Flint Hills Resources, LLC ("Flint Hills") will make a total cash payment (the "Total Consent Payment") of $1,825,000 to holders of Notes (the "Consenting Holders") whose consents have been validly delivered by the New Expiration Time and were not validly revoked before 5:00 p.m., New York City time, on July 2, 2014 (the "Validly Consenting Notes").  
 
The Total Consent Payment will be paid pro rata on the aggregate principal amount of the Validly Consenting Notes delivered by Consenting Holders (the "Pro Rata Consent Payment").  If all outstanding Notes are Validly Consenting Notes, each Consenting Holder will receive the minimum consent payment of $5.00 per $1,000 aggregate principal amount of Validly Consenting Notes.
 
The Supplemental Indenture containing the Proposed Amendments will not become operative until the consummation of the acquisition of the Company by Flint Hills (the "Merger").
 
All other terms and conditions of the Consent Solicitation remain as set forth in the Consent Solicitation Statement, the Consent Solicitation Supplement dated July 2, 2014 and the accompanying consent letter.
 
About PetroLogistics
PetroLogistics is a major producer of propylene with operations in the vicinity of the Houston Ship Channel.  The company owns and operates the only propane dehydrogenation facility in the US, and its plant is among the largest of its kind in the world. The facility began operations in 2010 and has an annual production capacity of approximately 1.45 billion pounds.  Propylene is one of the basic petrochemical building blocks that is used in the manufacture of a variety of end products, including paints, coatings, building materials, clothing, automotive parts, packaging and a range of other consumer and industrial products. The facility employs about 100 people.
 

PetroLogistics

Must ReadView All

Courtesy: Li & Fung

Textiles | On 29th Mar 2017

Li & Fung introduces new 3-year plan 2017-2019

Li & Fung Limited has outlined its next Three-Year Plan (2017-2019)...

Courtesy: Carrington

Apparel/Garments | On 29th Mar 2017

Carrington Workwear signs JV with TMG Textiles

Carrington Workwear, one of the largest producers of workwear fabrics ...

Apparel/Garments | On 29th Mar 2017

Jabong launches Aeropostale on its platform

Jabong has added leading American high-street fashionwear brand,...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search