Interface holders tender 89.7% of 10 3/8% notes, unchanged from June 5

By Susanna Moon

Chicago, June 12 - Interface, Inc. said it concluded the tender offer for $141,803,000 of its 10 3/8% senior notes due 2010.

Investors had tendered $127,217,000, or 89.7%, of notes as of 11:59 p.m. ET on June 11. That was unchanged from the early settlement amount announced on June 5.

The company paid $137.5 million for the notes, including accrued interest, funded with proceeds of its recently closed private offering of $150 million principal amount of 11 3/8% senior secured notes due 2013.

The company previously said it executed a supplement indenture after receiving the needed consents. At 5 p.m. ET on May 28, holders of $77.5 million, or 54.7%, of notes had tendered their securities.

The consent deadline was 5 p.m. ET on May 29, previously pushed back from May 28. The offer began on May 15.

Those who tendered their holdings prior to the early deadline received $1,045 per $1,000 principal amount of notes, including a $30.00 consent fee. Interface said it also paid accrued interest.

The consents were solicited to eliminate substantially all of the restrictive covenants and some events of default contained in the indenture. Those who tender must deliver consents.

Interface added that the tender offer is subject to the satisfaction of certain conditions, including a financing condition and a requisite consents condition. It added that it plans to finance the offer using proceeds from a $150 million offering of 11 3/8% senior secured notes due 2013.

Global Bondholder Services Corp. was the information agent (866 924-2200 or call collect 212 430-3774). Banc of America Securities LLC (888 292-0070 or call collect 980 388-9217), Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106) and Wachovia Securities (866 309-6316 or call collect 704 715-8341) were the dealer managers.

On Dec. 24, the company terminated a private exchange offer and consent solicitation for the notes. No reason was given for the termination.

Interface is an Atlanta-based maker of modular carpet.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.