Fort Lauderdale, Fla.-based NationsRent Companies last week announced that the requisite number of holders of each of its 9.5 percent senior secured notes due 2010 and its 9.5 percent senior notes due 2015 had, by 5 p.m. Eastern time on July 31, 2006, consented to amending the applicable indenture governing the notes. The outstanding 2010 notes have an aggregate principal amount of $250 million, and the outstanding 2015 notes have an aggregate principal amount of $150 million.
Subject to the conditions set forth in the consent solicitation statement dated July 19, 2006, the company intends to amend the indenture governing the 2015 notes to, among other things, eliminate most of the restrictive covenants and events of default contained in the indenture, and to amend the satisfaction and discharge section of the indenture governing the 2010 notes. In addition, subject to the satisfaction of the conditions set forth in the consent solicitation statement, the company will pay a consent payment of $30 per $1,000 principal amount of notes to each holder of the notes who delivered (and did not revoke) a valid consent on or before the consent deadline.
NationsRent is No. 6 on the RER 100.