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Alliance Laundry tenders, seeks consents for 8½% notes due 2013
By Susanna Moon
Chicago, Sept. 9 - Alliance Laundry Systems LLC and its wholly owned subsidiary Alliance Laundry Corp. began a cash tender offer and consent solicitation for their 8½% senior subordinated notes due 2013.
The total payment will be $1,027.50 per $1,000 principal amount, including a $25.00 premium for notes tendered by 5 p.m. ET on Sept. 22, the consent deadline, according to a press release.
Holders also will receive accrued interest up to but excluding the payment date.
The offer will end at 8 a.m. ET on Oct. 7.
The payment date for notes are tendered by the consent date could be as early as Sept. 23.
If the companies get consents from holders of at least a majority of the outstanding notes, they will execute a supplemental indenture to eliminate most of the restrictive covenants as well as events of default.
The proposed amendments will not become operative until the tendered notes are purchased.
The offer requires the receipt of the required consents to amend the notes and the execution of a supplemental indenture.
Alliance Laundry must also secure proceeds from a debt financing sufficient to fund the offer.
Bank of America Merrill Lynch (888 292-0070 or collect 980 388-9217) is the dealer manager and solicitation agent. Georgeson Inc. (866 628-6021 or collect 212 440-9800) is the information agent.
The issuer is a manufacturer of commercial laundry products based in Ripon, Wis.
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