(Source: PRNewswire-FirstCall)
ATLANTA, May 14 /PRNewswire-FirstCall/ -- Interface, Inc. (the "Company"), the world's largest manufacturer of modular carpet, today announced the commencement of a tender offer relating to its $141,803,000 aggregate principal amount of outstanding 10.375% Senior Notes due 2010 (the "Notes") (CUSIP No. 458665AG1) and a solicitation of consents from the holders of the Notes to amend the related indenture. The tender offer is scheduled to expire at 11:59 P.M., Eastern Time, on June 11, 2009, unless extended or earlier terminated (the "Expiration Time"), and the consent solicitation is scheduled to expire at 5:00 P.M., Eastern Time, on May 28, 2009, unless extended or earlier terminated (the "Early Tender Deadline").
Holders who validly tender their Notes and deliver their consents by the Early Tender Deadline shall receive $1,045 per $1,000 principal amount of Notes if the Notes are accepted for purchase. Holders who validly tender their Notes and deliver their Consents after the Early Tender Deadline but by the Expiration Time shall receive $1,015 per $1,000 principal amount of Notes if the Notes are accepted for purchase. Holders whose tendered Notes are accepted for purchase will also receive accrued and unpaid interest from the most recent interest payment date for the Notes, to, but not including, the applicable payment date for the Notes in the tender offer.
Holders who validly tender their Notes and deliver their consents by the Early Tender Deadline and whose Notes are accepted for purchase will receive payment promptly after the Early Tender Deadline. Holders who validly tender their Notes and deliver their Consents after the Early Tender Deadline but by the Expiration Time and whose Notes are accepted for purchase will receive payment promptly after the Expiration Time.
The consents are being solicited to eliminate substantially all of the restrictive covenants and certain events of default contained in the indenture governing the Notes. Holders may not tender their Notes without delivering consents or deliver consents without tendering their Notes.
The tender offer is subject to the satisfaction of certain conditions, including a financing condition and a requisite consents condition. The complete terms and conditions of the tender offer are described in the Offer to Purchase and Consent Solicitation Statement dated May 14, 2009, copies of which may be obtained by contacting Global Bondholder Services Corporation as Information Agent at (866) 924-2200 (U.S. toll-free) or (212) 430-3774. The Company has engaged Banc of America Securities LLC, Citigroup Global Markets Inc. and Wachovia Securities to serve as Dealer Managers for the tender offer.
