Prestige Brands gets consents needed to amend 9¼% notes due 2012

By Angela McDaniels

Tacoma, Wash., March 24 - Prestige Brands Holdings Inc. said holders had submitted tenders and consents for $97,913,000 principal amount, or 77.71%, of Prestige Brands, Inc.'s $126 million 9¼% senior subordinated notes due 2012 as of 5 p.m. ET on March 23.

The consents received were enough to amend the note indenture to eliminate substantially all of the restrictive covenants and some events of default and shorten the minimum notice period for a redemption to three business days from 30 days, according to a company news release.

March 23 was the consent deadline in a tender offer and consent solicitation that began March 10.

The notes tendered by the consent deadline were purchased on March 24. Holders received $1,005 per $1,000 principal amount of notes, which includes a consent payment of $30, plus accrued interest.

Those who tender after the consent deadline but prior to the offer expiration - 11:59 p.m. ET on April 6 - will receive $975 per $1,000 principal amount of notes plus accrued interest.

The offer is subject to sufficient financing. The company has completed an offering of $150 million 8¼% senior notes due 2018.

Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-9217) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 769-7666 or call collect 212 269-5550) is the information agent.

Prestige Brands is an Irvington, N.Y.-based marketer and distributor of brand-name, over-the-counter health-care, personal-care and household cleaning products.

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