Textile manufacturer Unifi Inc announced that it has priced its offering of $190 million in aggregate principal amount of senior secured notes due 2014 in a private offering under Rule 144A of the Securities Act of 1933.
The size of the offering was decreased from the previously announced $225 million principal amount. The notes will bear interest at an annual rate of 11.5 percent. In conjunction with the offering of the notes, the company will also enter into an amendment and restatement of its existing senior secured asset-based revolving credit facility.
The company intends to use the net proceeds from this proposed offering, along with available cash on hand and borrowings under its amended and restated asset-based revolving credit facility, to fund its currently ongoing tender offer and consent solicitation for all of its outstanding 6 ½ percent Notes due 2008. The offering of notes is expected to close on May 26th 2006.
Unifi Inc is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials. It 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.
marketing@alchempro.com
