Unifi gets tenders for 99.26% of 6½% notes at consent deadline

By Jennifer Chiou

New York, May 12 - Unifi Inc. said it received tenders from holders of $248.151 million or 99.26% of its $250 million of 6½% notes due 2008 as of the consent deadline at 5 p.m. ET on May 11.

On May 10, the company said it had received the required consents to amend the note indenture.

The offer expires at midnight ET on May 25.

The proposed amendments would eliminate substantially all of the restrictive covenants and certain events of default and modify the procedures and restrictions related to defeasance of the notes.

The company said it will pay par per each $1,000 principal amount of notes tendered, which includes a $30.00 consent payment for noteholders who tendered before the consent deadline.

Noteholders who tender will also receive accrued interest up to but excluding the payment date.

Unifi said the tender offer is subject to the receipt of tenders for a majority of the notes, the execution of amendments to its existing secured revolving credit facility and the receipt of net proceeds of a debt financing sufficient to finance the tender offer.

The company announced on April 28 that it was also tendering for the notes.

Lehman Brothers Inc. (800 438-3242 or 212 528-7581) is dealer manager and solicitation agent, and D.F. King & Co. Inc. (212 269-5550 for banks and brokers or 800 714-3313) is information agent.

Greensboro, N.C.-based Unifi is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials.

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