Majestic USA Capital, Inc. Extends Deadline to Submit Consents in the Consent Solicitation of its Trust Preferred Securities
February 28 2011 - 6:00AM
Business Wire
Majestic USA Capital, Inc. (“Majestic USA”), a wholly-owned
subsidiary of Majestic Capital, Ltd. (“Majestic Capital”) (NASDAQ:
MAJC), announced today the extension of the expiration time for the
previously announced solicitation of consents from the holders of
its Trust Preferred Securities Due 2036 (the “Trust Preferred
Securities”)(CUSIP: 12627NAA5). Majestic USA is seeking consents to
proposed amendments to certain events of default and covenants in
the Indenture, dated November 14, 2006, and Amended Declaration of
Trust, dated November 14, 2006, which govern the Trust Preferred
Securities. The consent solicitation was previously scheduled to
expire on February 25, 2011 at 5:00 p.m., New York City time, and
has been extended until March 4, 2011, at 5:00 p.m., New York City
time. Except for the extension described above, all of the terms
and conditions set forth in the Notice of Consent Solicitation,
dated November 4, 2010, remain unchanged.
Majestic USA has retained Georgeson Inc. to act as the
solicitation agent in connection with the consent solicitation.
Questions about the consent solicitation or requests for copies of
the consent solicitation may be directed to Georgeson at (866)
391-6921 (toll free) or (212) 440-9800 (banks and brokers).
This press release is for informational purposes only and is not
being made in any jurisdiction in which the making of this
announcement would violate the laws of such jurisdiction, nor is it
an offer to purchase or sell, a solicitation of an offer to
purchase or sell, or a solicitation of consents with respect to any
securities. The solicitation is being made solely pursuant to the
Notice of Consent Solicitation dated November 4, 2010 and the
related consent form.
About Majestic Capital, Ltd.
Majestic Capital, Ltd., through its subsidiaries, is a specialty
provider of workers’ compensation insurance products and services.
Majestic Capital seeks to provide quality products and services
that fit the needs of its insureds and is dedicated to developing
and maintaining a mutually beneficial, long-term relationship with
them. Majestic Capital’s workers’ compensation insurance coverage
is offered to employers in California, Arizona, Nevada, and other
states. Further information can be found on Majestic Capital’s
website at http://www.MajesticCapital.com.
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