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Alliance Laundry tenders for 9 5/8% notes
New York, Jan. 4 - Alliance Laundry Systems LLC and Alliance Laundry Corp. said they have begun a cash tender offer and solicitation of consents for their $110 million outstanding principal amount of 9 5/8% senior subordinated notes due 2008.
The companies are offering $1,034.58 per $1,000 principal amount of notes tendered by the consent deadline of 5 p.m. ET on Jan. 18. The total includes a consent payment of $30.00 per $1,000 principal amount.
Holders who tender after the consent deadline but before the expiration of 5 p.m. ET on Feb. 2 will receive $1,004.58 per $1,000 principal amount.
Alliance Laundry will also pay accrued interest up to but excluding the payment date.
The tender is subject to the sale of parent company Alliance Laundry Holdings LLC to an entity established by Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan Board, and the receipt of the tender and consent of at least a majority of the outstanding notes.
The Ripon, Wis., maker of commercial laundry products said the consent solicitation is to waive certain change-of-control requirements in the note indenture and to amend the indenture to eliminate substantially all of the restrictive covenants and certain events of default.
The consent of holders of at least a majority of the notes is required for most of the amendments. The waiver and some of the amendments need the consent of holders of at least 75% of the notes.
Holders who tender will be required to deliver consents and vice versa.
Lehman Brothers Inc. is dealer manager and solicitation agent (call collect 212 528-7581 or 800 438-3242). Georgeson Shareholder is the tender and information agent (call collect 212 440-9800 or 800 248-6753).
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