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Holmes Group starts tender for 9 7/8% notes
New York, March 30 - The Holmes Group, Inc. said it has begun a cash tender offer and consent solicitation for all its outstanding 9 7/8% senior subordinated notes due 2007 of which there are $81.8 million outstanding from a November 1997 issue and $18.3 million from a February 1999 issue.
The Milford, Mass. consumer products company is offering $1,041.14 per $1,000 principal amount of the notes plus accrued interest for securities tendered by the consent deadline of 5 p.m. ET on April 13. The total includes a consent payment of $20.00 per $1,000 principal amount.
The tender ends at midnight ET on April 27.
Under the consent solicitation, Holmes is seeking to eliminate substantially all of the restrictive covenants and certain events of default in the note indenture and to make other amendments.
Closing of the tender offer is subject to conditions including the closing and funding of a new senior credit facilities and receipt of consents from holders of a majority by principal amount of the notes.
Holmes said it is tendering for the notes as part of a refinancing of its debt. The company expects to repay both the notes and its existing senior secured bank credit facilities with proceeds of a new senior secured credit facility.
The refinancing is being undertaken to take advantage of current market opportunities in advance of the expiration of Holmes' existing senior bank credit facilities beginning in January 2005, the company added.
Credit Suisse First Boston LLC is dealer manager and solicitation agent for the tender offer (800 820-1653 or collect at 212 538-4807). Morrow & Co., Inc. is information agent (800 654-2468 or collect at 212 754-8000).
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