GREENSBORO, N.C., April 3 /PRNewswire-FirstCall/ -- Unifi, Inc. ("Unifi") announced today that it has completed its previously announced cash tender offer for up to $8,776,000 aggregate principal amount of its 11.5% Senior Secured Notes due 2014 (CUSIP No. 904677AG6) (the "Notes"). The tender offer expired at 5 p.m. EDT on March 31, 2009 (the "Expiration Date").
As of the Expiration Date, a total of $189,330,000 aggregate principal amount of Notes were tendered. In accordance with the terms of the tender offer, Unifi accepted for payment, on a pro rata basis, $8,778,000 aggregate principal amount of the Notes, for a total consideration of approximately $9,164,964. As previously announced, the total consideration per $1,000 principal amount at maturity of Notes that were validly tendered prior to the Expiration Date will be $1,000 in cash, plus accrued and unpaid interest from the last applicable interest payment date to, but excluding, the date of payment. The payment date for all Notes validly tendered was April 3, 2009. The complete terms and conditions of the tender offer are described in Unifi's Offer to Purchase for Cash (the "Offer to Purchase") and related Option of Holder to Elect Purchase (the "Purchase Notice"), both dated March 2, 2009. The tendered Notes which were not accepted will be, without expense and promptly following the Expiration Date, credited by the Trustee to the account maintained at The Depository Trust Company from which such Notes were delivered.
This press release does not constitute an offer to buy or the solicitation of an offer to sell or the solicitation of an acceptance of the tender offer with respect to any of the Notes. The tender offer is being made only pursuant to the Offer to Purchase and related Purchase Notice.
The trustee, U.S. National Bank Association, served as the depositary.
Requests for documents and questions regarding the tender offer may be directed to U.S. National Bank Association by telephone at (800) 934-6802.
Unifi, Inc. is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials. The Company 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. Key Unifi brands include, but are not limited to: AIO(R) - all-in-one performance yarns, SORBTEK(R), A.M.Y.(R), MYNX(R) UV, REPREVE(R), REFLEXX(R), MICROVISTA(R) and SATURA(R). Unifi's yarns and brands are readily found in home furnishings, apparel, legwear, and sewing thread, as well as industrial, automotive, military, and medical applications. For more information about Unifi, visit http://www.unifi.com/, or to learn more about REPREVE(R), visit the new website http://www.repreve.com/.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal security laws about Unifi. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. Unifi undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to those factors set forth in Unifi's Annual Report on Form 10-K for the year ended June 29, 2008, under the caption "Item 1A. Risk Factors," and include the continued availability of financial resources through financing arrangements and operations, general domestic and international economic and industry conditions in the markets where Unifi competes, changes in currency exchange rates, interest and inflation rates, recession and other economic and political factors over which Unifi has no control. Other risks and uncertainties may be described from time to time in Unifi's other reports and filings with the Securities and Exchange Commission.
Unifi, Inc.
CONTACT: Ronald L. Smith, Chief Financial Officer, +1-336-316-5545
Web Site: http://www.unifi.com/
