SOLA International gets consents from 11% noteholders

New York, Nov. 26 - SOLA International Inc. (Ba3/BB-) said it had received the necessary amount of consents to proposed indenture changes from holders of its 11% senior notes due 2008 as part of its previously announced tender offer for the bonds and related consent solicitation.

As previously announced, SOLA, a San Diego-based maker of eyeglass lenses, said on Nov. 7 that it had begun an offer to purchase for cash all €205 million principal amount of its 11% notes and was also soliciting noteholder consents to proposed indenture changes.

It set 5 p.m. GMT on Nov. 20 as the now-expired consent deadline and 9 a.m. GMT on Dec. 8 as the expiration for the tender offer, subject to possible extension.

SOLA said that noteholders tendering their notes and delivering valid consents to the proposed amendments on or before the consent deadline (and not subsequently withdrawing them) would receive both the tender offer consideration and the consent payment. Holders tendering after the consent deadline would only receive the tender offer consideration, but not the consent payment.

SOLA gave no information as to the likely tender consideration or consent payment. It said that tendered notes could be withdrawn and consents revoked at any time on or prior to the tender offer expiration date.

On Nov. 18, SOLA announced that it had had priced an offering of 6 million shares of its common stock at $17.50 per share, and said that it planned to use the net proceeds of approximately $98.3 million from the offering to fund the tender offer and for general corporate purposes.

UBS Ltd. and UBS Securities LLC are dealer managers and solicitation agents for the offer (call Liability Management Group at +44 20 7567-7480 or 203 719-4210). D.F. King & Co. is the information agent (212 269-5550 or +44 20 7920-9700).

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