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Interline Brands begins tender offer, consent bid for 7½% notes
By Angela McDaniels
Tacoma, Wash., Feb. 26 - Interline Brands, Inc. began a tender offer for its $300 million of 7½% notes due 2018, according to a company news release.
The tender offer will expire at 11:59 p.m. ET on March 25.
In connection with the tender offer, the company is soliciting consents to some proposed amendments to the indenture governing the notes that would eliminate substantially all of the restrictive covenants, some events of default and certain other provisions contained in the indenture, including reducing the minimum redemption notice period to three business days from 30 days.
Holders may not tender their notes without delivering their consents and may not deliver consents without tendering their notes.
The company is offering $1,060.50 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date. This payment includes a $30.00 consent payment for each note tendered by the consent payment deadline, 11:59 p.m. ET on March 11.
If all of the conditions of the tender offer are satisfied, Interline plans to call for redemption and satisfy and discharge any and all of the notes that are not tendered as of the consent payment deadline.
The tender offer and consent solicitation are conditioned on, among other things, Interline entering into a new $350 million first-lien term loan, the proceeds of which will be used to fund the tender offer, and the execution of a supplemental indenture.
Goldman, Sachs & Co. (212 902-6941 or 800 828-3182) is the dealer manager and solicitation agent. The information agent and tender agent is Global Bondholder Services Corp. (212 430-3774 or 866 937-2200).
Jacksonville, Fla.-based Interline Brands is a distributor and direct marketer of broad-line maintenance, repair and operations products to the facilities maintenance end market.
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