Lazy Days' R.V. Center to buy back 11¾% notes due 2012 in $5.747 million free cash flow offer

By Jennifer Chiou

New York, Sept. 15 - Lazy Days' R.V. Center, Inc. announced the repurchase of some of its $137 million of 11¾% notes due May 15, 2012 for its free cash flow offer, according to an 8-K filing with the Securities and Exchange Commission.

Lazy Days said it will pay $1,048.25 per $1,000.00 in principal amount of notes to those who surrender their notes before or on Oct. 14.

For the offer, the company said it will pay up to $5,747,000 in cash, including accrued interest, an amount equal to the company's free cash flow availability for the six-month period ended June 30.

The notes' indenture requires Lazy Days to offer to repurchase notes from all holders on a pro rata basis to 50% of the company's free cash flow for any six-month period ending on either June 30 or Dec. 31.

The Seffner, Fla., recreational vehicle retailer will also pay accrued interest up to but excluding the payment date.

Holders may surrender their notes to trustee and paying agent The Bank of New York (212 815-5920).

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