WIRL dealing with the Devil
freeedgar.com
On July 30, 1998, Wireless One, Inc. (the "Company") commenced a solicitation of consents from certain holders of its 13% Senior Notes due October 15, 2003 and its 13 1/2 % Senior Discount Notes due August 1, 2006 (together, the "Notes") to certain proposed amendments to the indentures governing such Notes (the "Indentures") in order to permit the Company to borrow, and its subsidiaries to guarantee, in each case on a secured basis, pursuant to a proposed note facility from Merrill Lynch Global Allocation Fund, Inc. (the "MLGAF Facility") set forth in a consent solicitation letter, dated July 30, 1998 (the "Consent Solicitation Letter"), from the Company to such holders. This Form 8-K is qualified in its entirety by the text of the Consent Solicitation Letter (and related materials relating to the consent solicitation), which is filed as an exhibit hereto and incorporated by reference herein. The Indentures permit the borrowings and guarantees under a "Bank Credit Facility," as defined in the Indentures. Although the Company believes the MLGAF Facility represents the best source of financing available to the Company at this time, the MLGAF Facility may not meet the definition of Bank Credit Facility in the Indentures. As described in the Consent Solicitation Letter, the Company is seeking to secure commitments with respect to the MLGAF Facility and there can be no assurance that the MLGAF Facility can be obtained even if the consent solicitation is successful. |
