USI Holdings begins $100 million tender offer for floaters, 9¾% notes

By Susanna Moon

Chicago, June 15 - USI Holdings Corp. said it began a cash tender offer for up to $100 million maximum payment amount of its outstanding $225 million of senior floating-rate notes due 2014 and $175 million of 9¾% senior subordinated notes due 2015.

For each $1,000 principal amount, the company said it will pay $620 for the floaters and $650 for the 9¾% notes.

The total payout includes a $30 premium for notes tendered by 5 p.m. ET on June 26.

The offer will end at midnight ET on July 13.

The notes are listed in order of acceptance priority.

USI also will pay accrued interest to the settlement date, which is expected to be July 14.

The company will fund the tender offer with proceeds from an incremental senior secured term facility under its existing senior secured credit agreement.

USI is a Briarcliff Manor, N.Y.-based distributor of insurance and financial products and services.

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