The Proposed Amendment to the Indenture would, among other things, amend the definition of "Consolidated EBITDA" to include in the calculation of Consolidated EBITDA incremental contributions to Consolidated EBITDA from (a) certain marketing agreements entered into after the period for which Consolidated EBITDA is being calculated and before the relevant date of determination and (b) recoupments SFX expects to receive from Management Vennootschap BVBA ("M&M"), related to start-up investments made in connection with a live event in which M&M is a minority partner, with such reimbursements being based on the future profitability of live events held in conjunction with M&M.
The full terms and conditions of the Solicitation are described in SFX's consent solicitation statement (the "Statement"), dated
SFX's obligation to pay the Consent Payment is conditioned upon, among other things, receipt of consents from the Holders of not less than a majority in aggregate principal amount of the Securities outstanding as of the record date. SFX will pay the Consent Payment promptly following the Expiration Time, subject to the satisfaction or waiver of all of the conditions in the Statement. Holders of Securities who do not deliver their consent (or validly revoke their consent) will not receive the Consent Payment, even though the Proposed Amendment, if approved, will bind all holders of the Securities and their transferees. Consents may be revoked at any time prior to the time at which the Proposed Amendment becomes effective.
This press release does not constitute a solicitation of consents. Any solicitation of consents will be made pursuant to the terms of the Statement. No solicitation is being made in any jurisdiction in which such a solicitation would be unlawful.
SFX has engaged
Keywords for this news article include: Banking and Finance,
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