Interline Brands gets consents needed to amend 7½% notes due 2018

By Angela McDaniels

Tacoma, Wash., March 12 - Interline Brands, Inc. has received the necessary consents to amend the indenture governing its $300 million of 7½% notes due 2018, according to a company news release.

A tender offer and consent solicitation for the notes began Feb. 26. The consent payment deadline was 11:59 p.m. ET on March 11.

A supplemental indenture has been executed and will become operative once the notes that were tendered by the consent payment deadline are accepted for payment and paid for.

The amendments to the indenture will eliminate substantially all of the restrictive covenants, some events of default and certain other provisions, including reducing the minimum redemption notice period to three business days from 30 days.

Holders may not tender their notes without delivering their consents and may not deliver consents without tendering their notes.

Holders had tendered $292,517,000 principal amount, or 97.51%, of the notes as of the consent payment deadline.

The tender offer will continue until 11:59 p.m. ET on March 25.

The company will pay $1,060.50 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, which is expected to be March 26. This payment includes a $30.00 consent payment for each note tendered by the consent payment deadline.

If all of the conditions of the tender offer are satisfied, Interline plans to call for redemption and satisfy and discharge any and all of the notes that are not tendered in the offer.

The tender offer and consent solicitation are conditioned on, among other things, Interline entering into a new $350 million first-lien term loan, the proceeds of which will be used to fund the tender offer, and the execution of the supplemental indenture, which has been satisfied.

Goldman Sachs & Co. (212 902-6941 or 800 828-3182) is the dealer manager and solicitation agent. The information agent and tender agent is Global Bondholder Services Corp. (212 430-3774 or 866 937-2200).

Jacksonville, Fla.-based Interline Brands is a distributor and direct marketer of broad-line maintenance, repair and operations products to the facilities maintenance end market.

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