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Interline Brands accepts tenders for all 11½% notes due 2011
By Jennifer Chiou
New York, June 23 - Interline Brands, Inc. said it accepted tenders from holders of all $130 million of 11½% senior subordinated notes due 2011.
The tender offer ended at 5 p.m. ET on June 23. It began on May 23.
For each $1,000 principal amount, holders will receive $1,105.10, which was calculated based on the present value of $1,057.50 - the redemption amount of the notes on their first call date, May 15, 2007 - plus scheduled interest payments 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 was determined at 2 p.m. ET on June 9. The tender yield is 5.629%.
The company said it will also pay accrued interest to the payment date.
The Jacksonville, Fla., distributor and direct marketer of specialty maintenance, repair and operations products received the necessary consents to amend the note indenture, eliminating substantially all of the covenants and events of default. Interline said it executed a supplemental indenture.
The consent solicitation ended at 5 p.m. ET on June 7.
The offers were 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.
Partial proceeds from the company's $200 million offering of 8 1/8% senior subordinated notes due 2014 and borrowings under a new credit facility will be used for the tender.
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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