Interface cancels exchange offer for 10 3/8% notes

By Angela McDaniels

Tacoma, Wash., Dec. 24 - Interface, Inc. terminated the private exchange offer and consent solicitation for its $152.59 million of 10 3/8% senior notes due 2010, according to a company news release.

All tendered notes will be returned, and all consents given will be deemed withdrawn and canceled.

No reason was given for the termination.

Interface was offering $306 in cash and $700 principal amount of new 13½% senior notes due 2012 for each $1,000 principal amount of the 10 3/8% notes. The cash payment included a $20.00 consent fee for holders who tendered their notes by the consent deadline.

The offer began on Nov. 25 and expired on Dec. 23. The consent deadline was Dec. 19 after being extended twice.

Holders who tendered their notes were required to consent to the proposed amendment.

The exchange offer was conditioned on the receipt of more than $76.29 million of the 10 3/8% notes, and the proposed amendment required consents from holders of a majority of the notes.

The offer was being made only to qualified institutional buyers and some non-U.S. investors.

Interface is an Atlanta-based maker of floor coverings and fabrics .

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