NOTICE REGARDING THE ISSUANCE AND SALE OF 8.00% SENIOR SECURED SECOND LIEN CONVERTIBLE NOTES OF LAYNE CHRISTENSEN COMPANY

Contract Categories: Business Finance - Note Agreements
EX-4.11 5 layn-ex411_20150131414.htm EX-4.11

 

Exhibit 4.11

NOTICE REGARDING

THE ISSUANCE AND SALE OF

8.00% SENIOR SECURED SECOND LIEN CONVERTIBLE NOTES

OF

LAYNE CHRISTENSEN COMPANY

 

Date:

February 27, 2015

 

 

To:

Investors of Layne Christensen Company’s 8.00% Senior Secured Second Lien Convertible Notes (the “Notes”)

 

 

From:

Layne Christensen Company

 

 

Re:

The Proposed Amendment to the Exchange and Subscription Agreement

 

Reference is hereby made to the Exchange and Subscription Agreement (the “Exchange and Subscription Agreement”), dated as of February 4, 2015, between you, Layne Christensen Company (the “Company”) and the subsidiary guarantors party thereto.  Capitalized terms used herein without definition have the respective meanings ascribed to them in the Exchange and Subscription Agreement.

In connection with the Company’s issuance of updated preliminary financial performance expected to be reported for the fourth quarter of fiscal year 2015, the Company has requested you to execute and deliver an amendment (the “Amendment”) to the Exchange and Subscription Agreement.  In order to induce you to execute and deliver the Amendment, the Company hereby agrees to modify the terms of the Notes as follows:

1. Initial Conversion Rate.  The definition of “Conversion Rate” in the Indenture will be replaced in its entirety with the following:

Conversion Rate” means, initially, 85.4701 shares of Common Stock per $1,000 principal amount of Notes, subject to adjustment as provided herein.

2. Make-Whole Table.  The table set forth in Section 10.07(d) of the Indenture will be replaced in its entirety with the following:

 

 

Stock Price

Effective Date

 

$8.36

 

$10.50

 

$11.70

 

$14.00

 

$16.38

 

$20.00

 

$30.00

 

$40.00

 

$50.00

 

$75.00

March 2, 2015

 

34.1471

 

34.1471

 

34.1471

 

25.8448

 

20.3391

 

15.1569

 

9.4000

 

6.7549

 

5.2996

 

3.4943

May 1, 2015

 

34.1471

 

34.1471

 

34.1471

 

24.5957

 

19.2663

 

14.4164

 

8.7902

 

6.3185

 

4.9640

 

3.2770

May 1, 2016

 

34.1471

 

34.1471

 

33.3196

 

19.5104

 

14.7656

 

11.9693

 

7.7540

 

5.6154

 

4.4546

 

2.9558

May 1, 2017

 

34.1471

 

34.1471

 

28.2212

 

13.3534

 

9.8023

 

7.5550

 

4.8841

 

3.3717

 

2.5571

 

1.5154

May 1, 2018

 

34.1471

 

25.6779

 

21.0012

 

6.7418

 

4.9041

 

3.9783

 

2.5925

 

1.8792

 

1.4753

 

0.9449

May 1, 2019

 

34.1471

 

9.7680

 

0.0000

 

0.0000

 

0.0000

 

0.0000

 

0.0000

 

0.0000

 

0.0000

 

0.0000

* * *

 

 

 

- 1 -


 

Sincerely,

 

Layne Christensen Company

 

 

 

By:

 

/s/ Andy Atchison

 

 

Name: Andy Atchison

 

 

Title:   SVP & CFO

 

[Signature Page to Notice Regarding Issuance and Sale of

8.00% Senior Secured Second Lien Convertible Notes]