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Jan. 11, 2011 /PRNewswire-FirstCall/ -- Unifi, Inc. (NYSE: UFI) (the "Company"), announced today that it has terminated its cash tender offer (the "Tender Offer") for any and all of its outstanding 11-1/2% Senior Secured Notes due 2014 (CUSIP No. 904677AG6) (the "Notes") and its related consent solicitation 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 (the "Indenture") and the release of the security for the Notes (the "Consent Solicitation"). The Tender Offer and Consent Solicitation were made pursuant to the Company's Offer to Purchase and Consent Solicitation Statement, dated
December 28, 2010 and the related Letter of Transmittal and Consent.
The Tender Offer and Consent Solicitation were conditioned upon the satisfaction or waiver of certain conditions, including, among others, a financing condition that the Company receive proceeds of at least
$140.0 million from a debt financing on terms satisfactory to the Company. The Company has determined that this condition will not be met and is therefore terminating the Tender Offer and Consent Solicitation. The Company has reviewed current conditions in the debt capital markets and determined that the savings generated from such financing would not be sufficient to offset the costs of such transaction. The Company therefore has decided against proceeding with the debt financing. Neither the total consideration nor the tender consideration will be paid or become payable to the holders of the Notes who validly tendered their Notes in connection with the Tender Offer. None of the Notes will be accepted for purchase or purchased in the Tender Offer and any Notes previously tendered and not withdrawn will be promptly returned to their respective holders.
This press release formally terminates the Tender Offer and Consent Solicitation.