Unifi, Inc. Completes Call For Partial Redemption Of Its 11.5% Senior Secured Notes Due 2014
GREENSBORO, N.C., June 30 /PRNewswire-FirstCall/ -- Unifi, Inc. (NYSE: UFI) announced today that it has completed the previously announced redemption of an aggregate principal amount of $15,000,000 of its 11.5% Senior Secured Notes due 2014 (the "Notes"). The Company redeemed the Notes pursuant to their terms at 105.75% of the principal amount plus unpaid and accrued interest.
The total aggregate redemption price was approximately $16.1 million, including approximately $0.2 million in accrued interest. The Company financed the redemption through a combination of internally generated cash and borrowings under its revolving credit facility. Upon completion of this partial redemption, approximately $163.7 million principal amount of the Notes remain outstanding.
As a result of this partial redemption, the Company expects to record in the first quarter of fiscal 2011 a one-time charge for early extinguishment of debt of $1.1 million (of which $0.3 million is a non-cash charge related to the origination cost of the Notes), or about $0.02 cents per share. The Company expects this partial redemption to result in savings of approximately $1.7 million in annualized net interest expense.
Unifi, Inc. (NYSE: UFI) is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials. The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages. Key Unifi brands include, but are not limited to: AIO ® -- all-in-one performance yarns, SORBTEK ®, A.M.Y. ®, MYNX ® UV, REPREVE ®, REFLEXX ®, MICROVISTA ® and SATURA ®. Unifi's yarns and brands are readily found in home furnishings, apparel, legwear, and sewing thread, as well as industrial, automotive, military, and medical applications. For more information about Unifi, visit www.unifi.com, or to learn more about REPREVE ®, visit www.repreve.com .CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about Unifi, Inc.'s (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.