Broder Bros. starts consent solicitation for 12% PIK toggle notes

By Jennifer Chiou

New York, March 25 - Broder Bros., Co. announced the start of a consent solicitation for its 12% PIK senior toggle notes due October 2013.

The company is looking to amend the note indenture to allow it to increase the borrowing capacity under its revolving credit facility to $215 million from $175 million, subject to a borrowing base.

The solicitation was to end at 5 p.m. ET on Friday.

Broder Bros. said that it is considering the increase of its revolver to accommodate both continued cotton apparel price increases and continued unit growth.

The distributor of imprintable activewear to the screen printing, embroidery and promotional product industries is based in Trevose, Pa.

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