WESTAR CAPITAL ASSUMES PROTECTION ONE’S DEBT; FURTHER NEGOTIATIONS ARE ONGOING
Protection One has announced that Westar Capital, an unregulated subsidiary of Western Resources, has acquired the debt and assumed the lenders’ obligations under Pro One’s revolving credit facility. Under this revolving credit arrangement, Protection One has received an extension of the covenant waiver from Westar Capital until Jan. 15. The organizations are also negotiating the terms and conditions of further waivers or amendments to the credit facility.
An independent committee has been established by Pro One’s board to consider Westar Capital’s proposal to acquire Pro One’s Continental Europe operations and to negotiate the terms of any such transaction. Protection One is continuing to examine other options, including selling assets to reduce debt and refinancing the credit facility.
Western Resources owns approximately 85 percent of Protection One, which provides monitoring and related security services to more than 1.6 million residential and commercial subscribers in North America and Europe.
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