Interline Brands holders tender $135.57 million 8 1/8% notes so far

By Angela McDaniels

Tacoma, Wash., Nov. 16 - Interline Brands, Inc., a Delaware corporation, said that holders had tendered $135,573,000, or 90%, of the $150.7 million of outstanding 8 1/8% senior subordinated notes due 2014 issued by subsidiary Interline Brands, Inc., a New Jersey corporation, as of 5 p.m. ET on Nov. 15.

The company accepted and purchased these notes on Nov. 16.

Holders who tender are deemed to have consented to proposed amendments that would eliminate substantially all of the restrictive covenants and events of default in the note indenture.

The adoption of the amendments requires the consent of the holders of at least a majority of the outstanding notes. The consents received so far are enough to satisfy this requirement, and the amendments became effective when the company purchased the tendered notes.

The tender offer began Nov. 1 and will end at 11:59 p.m. ET on Nov. 30.

The company paid $1,043.13 for each $1,000 principal amount of notes tendered by the consent deadline, which was 5 p.m. ET on Nov. 15. This included a consent payment of $30.00 per note.

Interline will pay $1,013.13 for each note tendered after the consent deadline but before the offer expiration.

Holders also will receive accrued interest up to but excluding the settlement date.

Barclays Capital Inc. (800 438-3242 or collect 212 528-7581) and J.P. Morgan Securities LLC (800 245-8812 or collect 212 270-3994) are the dealer managers and solicitation agents, and D.F. King & Co., Inc. (800 431-9645 or collect 212 269-5550) is the information agent and depositary.

Interline is a Jacksonville, Fla., distributor and direct marketer of specialty maintenance, repair and operations products.

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