Tabletop files to sell $700 million IDS, notes, obtain new revolver; to tender for notes, repay bank facility

New York, April 30 - Tabletop Holdings Inc., the parent of Merisant Co., filed an S-1 registration statement with the Securities and Exchange Commission to offer up to $700 million of Income Deposit Securities and senior subordinated notes due 2014.

The IDS will be made up of class A shares and notes, with the notes being identical to those that will be offered separately. After 45 days, holders will be able to separate the IDS into their constituent parts.

Credit Suisse First Boston, RBC Capital Markets and Merrill Lynch & Co. will be bookrunners for the offering.

The Chicago low-calorie sweetener company will use proceeds to repay all the borrowings under Merisant's senior secured credit facility and to unwind interest rate hedges, tender for Tabletop's $136.0 million principal amount at maturity of 12¼% senior subordinated discount notes due 2014 and Merisant's $225.0 million principal amount of 9½% senior subordinated notes due 2013, to buy back some class B stock from existing stockholders and to make payments under existing management incentive plans.

If the greenshoe is exercised, Tabletop will buy back more class B stock.

Merisant also plans to obtain a new senior secured revolving credit facility and incur new senior debt, details of which are still to be determined.

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