On January 13, 2025, Foundry JV Holdco LLC, a company indirectly owned by Brookfield Infrastructure Partners, commenced a consent solicitation for its outstanding Senior Secured Notes. The notes include various series due between 2030 and 2038.
The primary objective of the proposed amendments to the indentures governing the Notes is to address certain rating agency considerations and improve the company's rating assessments. Key amendments include allowing suspended distributions to be contemplated in the definition of Total Net Debt for certain periods and linking an Event of Default for Intel Member to Intel Corporation's failure to perform under material project documents.
Holders who consent to the Proposed Amendments prior to the January 17, 2025, expiration time will receive a Consent Fee of $1.00 per $1,000 in principal amount of Notes. The payment of this fee is conditioned upon the satisfaction or waiver of certain conditions, including receiving consents from over 50% of the aggregate principal amount of each series of Notes.
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