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Interline Brands buys back $292.52 million 7½% notes in tender offer
By Angela McDaniels
Tacoma, Wash., March 26 - Interline Brands, Inc. did not receive any additional notes after the consent payment deadline in the tender offer for its $300 million of 7½% notes due 2018, according to a company news release.
As previously reported, holders had tendered $292,517,000 principal amount, or 97.51%, of the notes as of the consent payment deadline, 11:59 p.m. ET on March 11.
The tender offer and consent solicitation for the notes began on Feb. 26. The tender offer ended at 11:59 p.m. ET on March 25.
The remaining notes were scheduled to be redeemed at 105.625 plus accrued interest on March 26.
In the tender offer, the company paid $1,060.50 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, which was expected to be March 26. This payment includes a $30.00 consent payment.
Enough consents were received to amend the indenture governing the notes to eliminate substantially all of the restrictive covenants, some events of default and certain other provisions, including reducing the minimum redemption notice period to three business days from 30 days.
Holders could not tender their notes without delivering their consents and vice versa.
The tender offer and consent solicitation were 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 the supplemental indenture.
Goldman Sachs & Co. (212 902-6941 or 800 828-3182) was the dealer manager and solicitation agent. The information agent and tender agent was 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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