Flooring America, Inc. Announces Execution of New Senior Credit Facility and Extension of Redemption and Consent Solicitation for Senior Subordinated Notes.Business Editors KENNESAW, Ga.--(BUSINESS WIRE)--Jan. 28, 2000 Flooring America, Inc. (NYSE NYSE See: New York Stock Exchange : FRA Fra: see Angelico, Fra; Bartolommeo di Pagholo del Fattorino, Fra; Fra Filippo Lippi under Lippi. ) announced today that it has entered into a new senior credit facility for up to $75 million with Foothill Capital Corporation. In a related item, the Company also announced that it has amended the terms of the consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with relating to the Company's senior subordinated Notes to extend the expiration date from 5:00 P.M., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on January 27, 2000 to 5:00 P.M., New York City time, February 11, 2000. The Company is offering to purchase up to $40.0 million aggregate principal amount of Notes for cash, at a purchase price of $1,020 per $1,000 principal amount, plus accrued and unpaid interest, upon the terms and conditions specified in the Offer to Purchase and the accompanying Consent and Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. . The Offer and the Solicitation will each expire at 5:00 p.m., New York City time, on the Expiration Date, unless extended or earlier terminated. As of January 27, 2000, the holders of $96.0 million of outstanding senior notes had tendered their notes for consent and the partial redemption offer by the Company. Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is the exclusive dealer manager for the Offer and the solicitation agent. Information regarding the tender and delivery procedures is contained in the Offer to Purchase and Consent Solicitation dated November 1, 1999, and related documents. Copies of these documents can be obtained by contacting Banc of America Securities, Liability Management Group, at 888/292-0070 or 704/388-4813, or Beacon Hill Partners at 800/755-5001. Located in the Atlanta suburb of Kennesaw, Flooring America is a leading retailer of floorcovering products and the industry's only publicly traded franchisor. The company's retail network extends to 1,000 locations, including 300 company owned operations. |
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