Interline Brands tenders for all 11½% notes due 2011

By Jennifer Chiou

New York, May 23 - Interline Brands, Inc. announced that its operating subsidiary, Interline Brands, Inc., launched a cash tender offer for any and all of its 11½% senior subordinated notes due 2011.

The Jacksonville, Fla., distributor and direct marketer of specialty maintenance, repair and operations products is also soliciting consents to amend the note indenture, eliminating substantially all of the covenants and events of default.

The consent solicitation ends at 5 p.m. ET on June 7. The tender offer ends at 5 p.m. ET on June 23.

For each $1,000 principal amount, holders will receive the present value of $1,057.50 - the redemption amount of the notes on their first call date, May 15, 2007 - 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 tender be the consent deadline.

Pricing will be determined at 2 p.m. ET on June 9.

The company said it will also pay accrued interest to the payment date.

The offers are 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.

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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