Unifi, Inc. Terminates Cash Tender Offer And Related Consent Solicitation For Outstanding Debt Securities; Announces Partial Redemption Of Outstanding Debt Securities
GREENSBORO, N.C., 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of the Notes will be accepted for purchase or purchased in the Tender Offer and any Notes previously tendered and not withdrawn will be promptly returned to their respective holders.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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV