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WII Components 10% noteholders agree not to tender
By Angela McDaniels
Seattle, March 5 - Holders of a majority of WII Components, Inc.'s 10% senior notes due 2012 have entered into a lock-up agreement under which they agreed not to tender their notes in the company's tender offer because they consider the price offered by the company to be inadequate, according to a news release.
The company began an offer on Feb. 27 to repurchase any of its $119.85 million 10% notes at $1,052.20 per $1,000 principal amount, which includes a $30.00 consent fee for holders who tender and submit consents by 5 p.m. ET on March 12.
The offer, under which the company is soliciting consent to amend the note indenture to eliminate substantially all restrictive covenants and some event-of-default provisions, will expire at 5 p.m. ET on March 27.
Under the lock-up agreement, the participating noteholders will not tender any of their notes or provide consent except with the written agreement of signatories holding more than 50% of the outstanding notes. The signatories also agreed not to transfer their notes except to a purchaser who agrees to abide by the terms of the lock-up agreement.
The company initially began a tender offer and consent solicitation for the notes in December in connection with the acquisition of the company by WII Holding, Inc., a newly formed corporation controlled by Olympus Growth Fund IV, LP.
WII Components offered to pay $1,012.50 per $1,000 principal amount, which included a $30.00 consent payment for those who tendered by the consent deadline, and failed to receive the necessary consents.
The company makes hardwood cabinet doors, hardwood components and wood products and is based in St. Cloud, Minn.
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