Interline Brands talks restructured $175 million eight-year notes 8¼%-8½%, pricing Friday

By Paul A. Harris

St. Louis, June 8 - Interline Brands Inc. restructured its $175 million senior subordinated note offering on Thursday, decreasing the maturity to eight years from 10 years and increasing the call protection to five years from four years, according to an informed source.

Meanwhile the company talked the notes at 8¼% to 8½%.

The books close at 11:30 a.m. ET Friday, with the notes expected to price thereafter.

Lehman Brothers and JP Morgan are joint bookrunners for the off-the-shelf offering. Banc of America Securities LLC, SunTrust Robinson Humphrey and Wachovia Securities are co-managers.

The notes will come with five years of call protection.

Proceeds, along with proceeds from the company's $355 million credit facility, will be used to fund the tender for $200 million of the company's 11½% senior subordinated notes due 2011 as well as to repay bank debt and fund the $127.5 million acquisition of American Sanitary Inc.

Interline Brands is a Jacksonville, Fla., distributor and direct marketer of maintenance, repair and operations products.

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