Unifi begins tender offer for up to $8.78 million 11½% notes

By Susanna Moon

Chicago, March 2 - Unifi, Inc. said it began a cash tender offer for up to $8,776,000 principal amount of its 11½% senior secured notes due 2014.

The offer will expire at 5 p.m. ET on March 31.

Holders will receive par plus accrued interest to the payment date.

There is $190 million principal amount of the notes outstanding.

The tender offer is not contingent upon the tender of any minimum principal amount of notes or any other conditions.

Unifi is making the offer in order to use "excess collateral proceeds," as defined by the note indenture.

Unifi is a Greensboro, N.C., make of polyester and nylon yarns.

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