(Source: PRNewswire-FirstCall)
ATLANTA, May 28 /PRNewswire-FirstCall/ -- Interface, Inc. (the "Company") announced today the preliminary results in connection with its previously announced tender offer and consent solicitation (the "Offer") for its 10.375% Senior Notes due 2010 (the "Notes") (CUSIP No. 458665AG1). As of 5:00 P.M., Eastern Time, on May 27, 2009, valid tenders and consents had been received from holders of approximately $77.5 million in aggregate principal amount, representing approximately 54.7% of the outstanding Notes.
Accordingly, the requisite majority consents to adopt the proposed amendments to the indenture governing the Notes have been received, and a supplemental indenture to effect the proposed amendments described in the Offer to Purchase and Consent Solicitation Statement dated May 14, 2009 (the "Offer to Purchase") has been executed. As executed, the supplemental indenture eliminates substantially all of the restrictive covenants and certain events of default contained in the indenture governing the Notes, but does not eliminate or change certain covenants governing the Company's obligations to make and consummate offers to purchase Notes after the consummation of certain change in control or asset sale transactions. The amendments will become operative on the date that the Notes validly tendered in connection with the requisite consents are purchased by the Company pursuant to the Offer. Early payment is expected to be made on the date that the conditions (described in the Offer to Purchase) are met or waived. The early payment date is expected to be on or about June 5, 2009.
As a result of the execution of the supplemental indenture, tendered Notes and consents may no longer be withdrawn or revoked, except in the limited circumstances described in the Offer to Purchase.
Holders still have until 5:00 P.M., Eastern Time, today, to tender and receive the total consideration, which includes the early tender payment of $30 per $1,000 principal amount of Notes. The Offer remains open and is scheduled to expire at 11:59 P.M., Eastern Time, on June 11, 2009, unless extended or earlier terminated. Completion of the Offer is subject to satisfaction or waiver by the Company of a number of conditions, as described in the Offer to Purchase, including a financing condition.
The complete terms and conditions of the tender offer are described in the Offer to Purchase, 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.
