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Avon Grove Charter School Announces Extension Of Expiration Date And Modification Of Consent Solicitation For Its Chester County Industrial Development Authority Revenue Bonds (Avon Grove Charter School Project), Series 2007A (Tax-Exempt)

NEW YORK, May 16, 2013 /PRNewswire/ -- Avon Grove Charter School (the "School") announced today that it is extending the expiration date for receiving bondholder consent to certain amendments to the transaction from holders of its Chester County Industrial Development Authority Revenue Bonds, (Avon Grove Charter School Project) Series 2007A (the "Series 2007 Bonds") on the terms and subject to the conditions set forth in the Consent Solicitation Statement dated May 1, 2013.

The expiration date of the consent solicitation has been extended to 5:00 p.m., New York City time, on May 31, 2013 , unless terminated, shortened or extended by the School.  Only holders of record of the Series 2007 Bonds as of 5:00 p.m., New York City time, on April 30, 2013, are eligible to deliver consents to the proposed amendments in the consent solicitation.

As more fully described in the Consent Solicitation Statement and the supplemental documents to be provided to the holders, the proposed amendments would permit the School to:

  • Amend the Loan and Trust Agreement by and among the School, The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), and Chester County Industrial Development Authority ("Authority"), to incorporate additional covenants and increase the dollar amount of operating lease obligations that the School may incur so that it may increase classroom space and accommodate a growing high school student body.

Adoption of the proposed amendments requires the consent of a majority in principal amount of the Series 2007 Bonds outstanding.   In addition to receiving such consent, the proposed amendments will become effective upon the satisfaction of certain conditions, including the execution of the Third Amendment to Loan and Trust Agreement by the School, Trustee and Authority.  

The School has retained D.F. King & Co., Inc. to act as Information Agent and Tabulation Agent for the consent solicitation.  Questions about the consent solicitation and copies of the Consent Solicitation Statement and related documents may be obtained from D.F. King & Co. at (800) 758-5880 (toll-free) or (212) 269-5550 (collect). 

This announcement is for informational purposes only and is not a solicitation of consents with respect to any securities.  This announcement shall not constitute an offer to buy or a solicitation of an offer to sell any Series 2007 Bonds.  The consent solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement and is not being made in any jurisdiction in which it is unlawful to solicit or grant consents.

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