Pernix Announces Launch Of Consent Solicitation For Its 12% Senior Secured Notes Due 2020
MORRISTOWN, N.J.--(BUSINESS WIRE)--Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX) (the “Company”) today announced that it is seeking consents (the “Consent Solicitation”) for proposed amendments to the indenture, dated August 19, 2014 (the “Indenture”), that governs the Company’s 12% Senior Secured Notes due 2020 (the “Notes”).
The amendments to the Indenture would allow the Company to incur additional debt to the extent the Company ratably reduces the outstanding aggregate principal amount of its 8.00% convertible senior notes due 2019 (the “8% Notes”), provided that such additional debt may not exceed $42.2 million. The Company is involved in negotiations to materially reduce the outstanding aggregate principal amount of its 8% Notes and to remove certain of the restrictive covenants included in the indenture governing its 8% Notes, but there can be no assurances that such negotiations will result in any such reduction, material or otherwise, or removal of any such restrictive covenants. In exchange for consents, the Company will pay a consent fee in cash equal to 1% of the principal amount of any Notes in respect of which a holder properly consents to the amendments, if the amendments are adopted. The terms and conditions of the Consent Solicitation are fully described in the Consent Solicitation Statement, dated April 13, 2015, which the Company is delivering to holders of the Notes.
Help employers find you! Check out all the jobs and post your resume.
The amendments to the Indenture would allow the Company to incur additional debt to the extent the Company ratably reduces the outstanding aggregate principal amount of its 8.00% convertible senior notes due 2019 (the “8% Notes”), provided that such additional debt may not exceed $42.2 million. The Company is involved in negotiations to materially reduce the outstanding aggregate principal amount of its 8% Notes and to remove certain of the restrictive covenants included in the indenture governing its 8% Notes, but there can be no assurances that such negotiations will result in any such reduction, material or otherwise, or removal of any such restrictive covenants. In exchange for consents, the Company will pay a consent fee in cash equal to 1% of the principal amount of any Notes in respect of which a holder properly consents to the amendments, if the amendments are adopted. The terms and conditions of the Consent Solicitation are fully described in the Consent Solicitation Statement, dated April 13, 2015, which the Company is delivering to holders of the Notes.
Help employers find you! Check out all the jobs and post your resume.