Gundle/SLT Environmental tenders for 11% notes, solicits consents

By Angela McDaniels

Tacoma, Wash., May 13 - Gundle/SLT Environmental, Inc. has begun a tender offer and consent solicitation for its $150 million of 11% senior notes due 2012, according to a company news release.

The company is soliciting consents to proposed amendments to the indenture governing the notes that would eliminate substantially all of the restrictive covenants and some events of default and modify certain other provisions. Consents are needed from the holders of at least a majority of the notes in order to make the amendments.

Holders who tender will be deemed to have consented to the proposed amendments, and holders who consent will be required to tender their notes.

The consent deadline is 5 p.m. ET on May 25, and the tender offer will expire at 5 p.m. ET on June 10.

The company will pay $1,003.75 per $1,000 principal amount of notes. This payment includes a consent payment of $3.75 for each note tendered by the consent deadline.

Holders will also receive accrued interest up to but excluding the payment date.

The tender offer is subject to the receipt of the needed consents and the effectiveness of the company's proposed new senior secured credit facilities yielding enough proceeds to refinance its existing revolving credit facility and fund all of its obligations under the tender offer and consent solicitation.

The dealer manager and solicitation agent is Jefferies & Co., Inc. (888 708-5831 or 203 708-5831). The information agent and tender agent is D.F. King & Co., Inc. (800 290-6429 or 212 269-5550).

Gundle/SLT makes geosynthetic lining products used in waste management, mining, water and wastewater treatment, aquaculture and other industrial activities. It is based in Houston.

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