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Interface gets early tenders for $240.4 million of 11 3/8%, 9½% notes
By Devika Patel
Knoxville, Tenn., Nov. 18 - Interface, Inc. said investors tendered and delivered consents for about $141.9 million of the company's 11 3/8% senior secured notes due 2013 and $98.5 million of its 9½% senior subordinated notes due 2014 as part of a tender offer and consent solicitation for the $150 million of 11 3/8% notes and $110 million of 9½% notes.
The tenders were all received by 5 p.m. ET on Nov. 17, the early tender deadline.
The tender offer, which launched on Nov. 3, remains open and is scheduled to expire at 11:59 p.m. ET on Dec. 2.
The company is soliciting consents to eliminate substantially all of the restrictive covenants and some events of default in the indentures governing the notes. It has received the needed consents to adopt these amendments, and the supplemental indenture has been executed, the company said in a press release. These changes will take effect when the company pays for the tendered notes, which is expected to be on Dec. 3.
For each $1,000 principal amount of notes, holders will receive $1,230 for the 11 3/8% notes and $1,030 for the 9½% notes. These amounts include a premium of $30 for each note tendered by the early tender deadline.
The company will also pay accrued interest up to but excluding the payment date.
The dealer managers are Merrill Lynch, Pierce, Fenner & Smith Inc. (888 292-0070 or 980 388-9217), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and Wells Fargo Securities, LLC (866 309-6316 or 704 715-8341). The information agent is Global Bondholder Services Corp. (866 470-3800 or 212 430-3774).
Interface makes modular carpet and is based in Atlanta.
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