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Apparel maker GFSI Inc declares exchange offer
09 Dec '05
3 min read
Leading apparel maker GFSI Inc ("GFSI") announced that it has commenced an exchange offer pursuant to which GFSI is offering to exchange a new issuance of $134.9 million of principal amount of 11 percent Senior Secured Notes due 2011 (the "Senior Secured Notes") for all of its outstanding $125.0 million of principal amount of 9-5/8 percent Senior Subordinated Notes due 2007 (CUSIP No. 361695-AC-3) (the "1997 Senior Subordinated Notes") and
(ii) all of its outstanding $9.9 million of principal amount of 9-5/8 percent Senior Subordinated Notes due 2007 (CUSIP No. 361695-AF-6) (the "2002 Senior Subordinated Notes," and together with the 1997 Senior Subordinated Notes, the "Senior Subordinated Notes").
In connection with the exchange offer, GFSI is also soliciting consents from the holders of the Senior Subordinated Notes to approve certain amendments to the indentures under which the Senior Subordinated Notes were issued to eliminate substantially all of the restrictive covenants and certain events of default and related provisions in such indentures.
The exchange offer and consent solicitation are subject to various conditions including the tenders for exchange by holders of at least 95 percent of the Senior Subordinated Notes, the execution of supplemental indentures containing the amendments for which consents were solicited, the receipt of the consent of GFSI's lenders under its existing revolving credit facility and the substantially simultaneous consummation of certain refinancing transactions involving GFSI's parent, GFSI Holdings, Inc.
(ii) all of its outstanding $9.9 million of principal amount of 9-5/8 percent Senior Subordinated Notes due 2007 (CUSIP No. 361695-AF-6) (the "2002 Senior Subordinated Notes," and together with the 1997 Senior Subordinated Notes, the "Senior Subordinated Notes").
In connection with the exchange offer, GFSI is also soliciting consents from the holders of the Senior Subordinated Notes to approve certain amendments to the indentures under which the Senior Subordinated Notes were issued to eliminate substantially all of the restrictive covenants and certain events of default and related provisions in such indentures.
The exchange offer and consent solicitation are subject to various conditions including the tenders for exchange by holders of at least 95 percent of the Senior Subordinated Notes, the execution of supplemental indentures containing the amendments for which consents were solicited, the receipt of the consent of GFSI's lenders under its existing revolving credit facility and the substantially simultaneous consummation of certain refinancing transactions involving GFSI's parent, GFSI Holdings, Inc.
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