Business News • MarketWire • TransUnion Holding Company, Inc. Announces Receipt of Requisite Consents in Its Consent Solicitation Relating to the 9.625%/10.375% Senior PIK Toggle Notes Due 2018 |
TransUnion Holding Company, Inc. Announces Receipt of Requisite Consents in Its Consent Solicitation Relating to the 9.625%/10.375% Senior PIK Toggle Notes Due 2018 |
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TransUnion Holding Company, Inc. Announces Receipt of Requisite Consents in Its Consent Solicitation Relating to the 9.625%/10.375% Senior PIK Toggle Notes Due 2018
CHICAGO, IL--(Marketwire - Oct 22, 2012) - TransUnion Holding Company, Inc. (the "Company") announced today that, pursuant to its previously announced solicitation of consents (the "Consent Solicitation") to holders of the outstanding 9.625%/10.375% Senior PIK Toggle Notes due 2018 (the "Notes"), the Company has received the requisite consents to approve amendments (the "Proposed Amendments") to the indenture relating to the Notes (the "Indenture") (1) to the "Limitation on Restricted Payments" and "Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock" covenants to allow the Company to issue new senior unsecured PIK Toggle notes in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended, (the "Proposed Offering") and to make a one-time dividend or other distribution as a return of capital to its shareholders with the proceeds of the Proposed Offering, (2) to the "Limitation on Restricted Payments" covenant to reduce the amount of other dividends, share repurchases and certain other payments the Company may make in respect of its equity interests and (3) to provide that the interest rate applicable to the Notes will increase by 0.50% (50 basis points) if, prior to June 15, 2015 (a) the Notes are rated Caa1 or lower by Moody's Investors Service, Inc. and CCC+ or lower by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (or any successors to their respective rating agency businesses) and (b) the Consolidated Debt Ratio (as defined in the Consent Solicitation Statement (as defined below)) is greater than or equal to 5.50 to 1.00; provided, that any such increase shall cease to apply beginning on the earlier of (A) June 15, 2015 and (B) any day prior thereto the Notes are rated higher than Caa1 or CCC+ or the Consolidated Debt Ratio is less than 5.50 to 1.00. The consent solicitation will expire at 5:00 p.m., New York City time, on October 23, 2012.
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