Interline Brands gets required consents for 11½% notes due 2011

By Jennifer Chiou

New York, June 7 - Interline Brands, Inc. announced that its operating subsidiary, Interline Brands, Inc., received the required consents to amend its $130 million of 11½% senior subordinated notes due 2011 after holders of all the securities tendered by the early deadline.

The consent solicitation ended at 5 p.m. ET on June 7.

The Jacksonville, Fla., distributor and direct marketer of specialty maintenance, repair and operations products is soliciting consents to amend the note indenture, eliminating substantially all of the covenants and events of default. Interline said it executed a supplemental indenture.

The tender offer ends at 5 p.m. ET on June 23. It began on May 23.

For each $1,000 principal amount, holders will receive the present value of $1,057.50 - the redemption amount of the notes on their first call date, May 15, 2007 - discounted using the yield to maturity of the 4 3.8% Treasury and 50 basis points. The payout includes a $30.00 consent fee for those who tendered by the consent deadline.

Pricing will be determined at 2 p.m. ET on June 9.

The company said it will also pay accrued interest to the payment date.

The offers are conditioned upon tenders from holders of a majority of the notes, the execution of a supplemental indenture, the successful receipt of net proceeds of the financing transactions and other conditions.

Credit Suisse Securities (USA) LLC (800 820-1653) and Lehman Brothers Inc. (800 438-3242) are the dealer managers and solicitation agents. D.F. King & Co., Inc. is the information agent (800 290-6426 or call collect 212 269-5550).

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