Home / Knowledge / News / Fashion / Kellwood commences consent solicitation with respect to senior debentures

Kellwood commences consent solicitation with respect to senior debentures

01
Apr '08
Kellwood Company announced that it has commenced a solicitation of consents from each holder of the Company's 3.50% Convertible Senior Debentures due 2034 to obtain a waiver of such holder's right to require Kellwood to repurchase the Debentures held by such holder on April 10, 2008 pursuant to the Company's previously-announced Notice of Fundamental Change.

Each holder of Debentures that consents to forgo the requirement for the Company to repurchase such holder's Debentures will receive a consent payment of $226.00 in cash per $1,000 principal amount of Debentures for which a valid waiver is received and accepted on or prior to 12:00 midnight EDT on April 9, 2008, the expiration date for the Solicitation, whether or not any other holders of Debentures elect to consent to the proposed waiver.

In addition, all Debentures outstanding following the settlement of the Fundamental Change offer will receive a second-lien on the collateral securing the Company's existing credit facility, which consists of substantially all of the intellectual property, accounts receivable, inventory, deposit accounts and other personal property of Kellwood and its co-borrowers under the existing credit facility (consisting of direct and indirect subsidiaries of Kellwood), as well as a new covenant requiring the provision of annual and quarterly financial information of Kellwood.

The solicitation of the holders of the Debentures is not conditioned on the receipt of any minimum percentage of waivers received by the Company, but rather is being made on a holder by holder basis.


Interviews View All

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Priyanka, Studio Priyanka Rajiv

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Vasanth Kumar, Max Fashion India

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Fan Liyuan,

Fan Liyuan

Chinese company Jiangsu Yingyang Nonwoven Machinery, established in 1993,...

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

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

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

Leave your Comments


November 2019

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

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search