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Interline tenders, solicits consents for $150.7 million 8 1/8% notes
By Susanna Moon
Chicago, Nov. 1 - Interline Brands, Inc., a Delaware corporation, announced a cash tender offer by its wholly owned subsidiary Interline Brands, Inc., a New Jersey corporation, for its $150.7 million principal amount of outstanding 8 1/8% senior subordinated notes due 2014.
The company said it will pay $1,043.13 for each $1,000 principal amount of notes tendered by the consent deadline of 5 p.m. ET on Nov. 15, including a consent payment of $30.00 per note.
Interline will pay $1,013.13 for each note tendered after the early date but by the expiration time.
Holders also will receive accrued interest up to but not including the initial settlement date.
Tendered notes may be withdrawn by the early tender date.
The company is also soliciting consents to amend the notes to eliminate substantially all restrictive covenants and events of default in the notes. Adoption of the proposed amendments requires the consent of the holders of at least a majority of the outstanding notes.
Holders who tender their notes will be deemed to consent to the proposed amendments, and holders may not deliver consents without tendering their notes.
The offer will end at 11:59 p.m. ET on Nov. 30.
Barclays Capital Inc. (800 438-3242 or collect 212 528-7581) and J.P. Morgan Securities LLC (800 245-8812 or collect 212 270-3994) are the dealer managers and solicitation agents for the tender offer and consent solicitation, and D.F. King & Co., Inc. (800 431-9645 or collect 212 269-5550) is information agent and depositary for the tender offer.
Interline is a Jacksonville, Fla., distributor and direct marketer of specialty maintenance, repair and operations products.
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