Unifi completes oversubscribed offer for up to $8.78 million 11½% notes

By Jennifer Chiou

New York, April 3 - Unifi, Inc. said it received tenders for $189.33 million of notes in its cash tender offer for up to $8,776,000 principal amount of its 11½% senior secured notes due 2014.

The company said that it accepted the cap amount on a pro rata basis.

The offer expired at 5 p.m. ET on March 31.

Holders received par plus accrued interest to the payment date, amounting to $9,164,964.

There previously was $190 million principal amount of the notes outstanding.

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

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

The trustee, U.S. National Bank, was the depositary (800 934-6802).

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

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