Dec. 28, 2010
/PRNewswire-FirstCall/ -- Unifi, Inc. (NYSE: UFI) (the "Company"), announced today that it is commencing a cash tender offer for any and all of its outstanding 11 1/2% Senior Secured Notes due 2014 (CUSIP No. 904677AG6) (the "Notes"), upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated the date hereof (as it may be amended or supplemented from time to time, the "Statement"), and in the related Letter of Transmittal and Consent (as it may be amended or supplemented from time to time, the "Letter of Transmittal" and, collectively with the Statement, the "Offer Documents"). In connection with the tender offer, and on the terms and subject to the conditions set forth in the Offer Documents, the Company is soliciting consents of holders of the Notes to authorize the elimination of most of the restrictive covenants and certain of the events of default contained in the indenture governing the Notes and the release of the security for the Notes. The Company intends to use the proceeds from a
debt financing, together with borrowings under the Company's existing secured revolving credit facility or available cash, or a combination thereof, to fund the tender.
The consent payment deadline is
New York City
January 11, 2011
(such time and date, as it may be extended, the "Consent Payment Deadline"), and the tender offer will expire at 12:00 midnight,
New York City
January 26, 2011
(such time and date, as it may be extended, the "Expiration Time"), in each case unless earlier terminated by the Company. Notes tendered may be withdrawn at any time at or before the Consent Payment Deadline but not thereafter.
The total consideration for each
principal amount of Notes validly tendered at or before the Consent Payment Deadline and purchased pursuant to the tender offer will be
, which includes a payment of
principal amount of Notes payable only in respect of Notes tendered with consents at or before the Consent Payment Deadline. Holders validly tendering Notes after the Consent Payment Deadline but at or before the Expiration Time will be eligible to receive only the tender offer consideration of
principal amount of Notes, namely an amount equal to the total consideration less the consent payment. In addition, holders whose Notes are purchased in the tender offer will receive accrued and unpaid interest in respect of their purchased Notes from the last interest payment date to, but not including, the applicable payment date for the Notes. Tenders of Notes will be accepted only in principal amounts of
or integral multiples of
in excess thereof.
The Company has reserved the right, at any time following the Consent Payment Deadline but prior to the Expiration Time (the "Early Acceptance Date"), to accept for purchase all Notes validly tendered and not validly withdrawn on or before the Early Acceptance Date. If the Company elects to exercise this option, the Company will pay the total consideration or tender offer consideration, as the case may be, for the Notes accepted for purchase at the Early Acceptance Date promptly following the acceptance of Notes for purchase (the date of such payment being referred to as the "Early Payment Date").