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Finlay starts tender for 9% debentures, 8 3/8% notes
New York, May 7 - Finlay Enterprises, Inc. said it has begun a tender offer for its $75 million outstanding principal amount of 9% senior debentures due 2008 and that its Finlay Fine Jewelry Corp. subsidiary has begun a tender offer for its $150 million outstanding principal amount of 8 3/8% senior notes due 2008.
For the 9% debentures, Finlay is offering $1,031.25 per $1,000 principal amount for holders who tender by the consent deadline. After that point, the payment is $1,011.25 per $1,000 principal amount.
For the 8 3/8% notes, Finlay is offering $1,029.17 per $1,000 principal amount for holders who tender by the consent deadline. After that point, the payment is $1,009.17 per $1,000 principal amount.
In all cases Finlay will pay accrued interest up to but not including the date of payment.
The consent solicitation expires at 5 p.m. ET on May 19. The tender ends at midnight ET on June 4.
The New York jewelry retailer is seeking consents to amend the indentures to, among other things, eliminate most of the principal restrictive covenants and certain other provisions. A majority of each series of security is need to amend the indenture.
Holders who tender will be required to consent and vice versa.
Each tender offer is subject to minimum tender conditions, a consent condition, the consents of lenders under Finlay's revolving credit facility and gold consignment agreement and the completion of an offering by Finlay Jewelry of at least $200 million of new debt securities.
Credit Suisse First Boston LLC is dealer manager and solicitation agent (800 820-1653 or collect at 212 325-3784). The depositary is HSBC Bank USA. MacKenzie Partners is the information agent (800 322-2885 or collect at 212 929-5500).
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