Prestige Brands wraps tender for 9¼% notes, calls remaining notes

By Devika Patel

Knoxville, Tenn., April 7 - Prestige Brands Holdings Inc. said its subsidiary Prestige Brands, Inc. completed a cash tender offer and consent solicitation for its $126 million of 9¼% senior subordinated notes due 2012 that began March 10.

Any notes that were not tendered will be redeemed on April 15.

As of 5 p.m. ET on March 23, the consent payment deadline, holders had submitted tenders and consents for $97.91 million of the notes.

The consents received were enough to amend the note indenture to eliminate substantially all of the restrictive covenants and some events of default and shorten the minimum notice period for a redemption to three business days from 30 days, according to a company news release.

The notes tendered by the consent deadline were purchased on March 24. Holders received $1,005 per $1,000 principal amount of notes, which includes a consent payment of $30, plus accrued interest.

Those who tendered after the consent deadline but prior to the offer expiration, 11:59 p.m. ET on April 6, received $975 per $1,000 principal amount of notes plus accrued interest.

Prestige Brands is an Irvington, N.Y.-based marketer and distributor of brand-name, over-the-counter health-care, personal-care and household cleaning products.

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