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Prospect News home > News index > List of issuers I > Headlines for Interface, Inc. > News item |
Interface offers to exchange 13½% notes plus cash for 10 3/8% notes
By Susanna Moon
Chicago, Nov. 25 - Interface Inc. said it began a private offer to exchange new 13½% senior notes due 2012 and cash for $152.59 million principal amount of its 10 3/8% senior notes due 2010.
The offer will end at midnight ET on Dec. 23.
Interface is offering $306 in cash and $700 principal amount of replacement 13½% notes for each $1,000 principal amount of the 10 3/8% notes. The cash payment includes a $20 consent fee for holders who tender their notes by 5 p.m. ET on Dec. 9.
Interface also is soliciting consents to amend the 10 3/8% notes.
Holders who tender their notes will be required to consent to the proposed amendment.
The exchange offer will be conditioned on the receipt of more than $76.29 million principal amount of the 10 3/8% notes.
The proposed amendment requires consents from holders of a majority of the 10 3/8% notes.
The offering is being made only to qualified institutional buyers and some non-U.S. investors.
Interface is an Atlanta-based floor coverings and fabrics company.
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