Interface begins tender offer, consent solicitation for its $141.8 million 10 3/8% notes

By Jennifer Chiou

New York, May 15 - Interface, Inc. announced the start of a tender offer for its $141,803,000 of 10 3/8% senior notes due 2010.

The company is also soliciting consents to amend the note indenture.

The consent deadline is 5 p.m. ET on May 28 while the offer is set to end at 11:59 p.m. ET on June 11.

Those who tender their holdings prior to the early deadline will receive $1,045 per $1,000 principal amount of notes, including a $30.00 consent fee.

Interface said it will also pay accrued interest.

The consents are being solicited to eliminate substantially all of the restrictive covenants and certain events of default contained in the indenture. Those who tender must deliver consents.

Interface added that the tender offer is subject to the satisfaction of certain conditions, including a financing condition and a requisite consents condition.

Global Bondholder Services Corp. is the information agent (866 924-2200 or call collect 212 430-3774). Banc of America Securities LLC (888 292-0070 or call collect 980 388-9217), Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106) and Wachovia Securities (866 309-6316 or call collect 704 715-8341) are the dealer managers.

On Dec. 24, the company terminated a private exchange offer and consent solicitation for the notes. No reason was given for the termination.

Interface is an Atlanta-based maker of modular carpet.

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