Interface starts tender offer for 11 3/8%, 9½% notes, seeks consents

By Angela McDaniels

Tacoma, Wash., Nov. 3 - Interface, Inc. began a tender offer and consent solicitation for its $150 million of 11 3/8% senior secured notes due 2013 and $110 million of 9½% senior subordinated notes due 2014, according to a company news release.

The company is soliciting consents to eliminate substantially all of the restrictive covenants and some events of default in the indentures governing the notes.

Holders may not tender their notes without delivering consents or vice versa.

The tender offer will expire at 11:59 p.m. ET on Dec. 2.

For each $1,000 principal amount of notes, holders will receive $1,230 for the 11 3/8% notes and $1,030 for the 9½% notes. These amounts include a premium of $30 for each note tendered by the early tender deadline, which is 5 p.m. ET on Nov. 17.

The company will also pay accrued interest up to but excluding the payment date.

The tender offer is subject to the satisfaction of a financing condition and the receipt of enough consents to amend the indentures.

The dealer managers are Merrill Lynch, Pierce, Fenner & Smith Inc. (888 292-0070 or 980 388-9217), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and Wells Fargo Securities, LLC (866 309-6316 or 704 715-8341). The information agent is Global Bondholder Services Corp. (866 470-3800 or 212 430-3774).

Interface makes modular carpet and is based in Atlanta.

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