Interface Announces Proposed Offering of $300 Million of Senior Notes Due 2028

Rhea-AI Summary

Interface, Inc. (Nasdaq: TILE) announced plans to offer $300 million in senior unsecured notes due 2028. Proceeds will be used to reduce revolving credit facility and term loans. The offering is limited to qualified institutional buyers and certain non-U.S. persons, adhering to Regulation S and Rule 144A under the Securities Act. The notes will not be registered, and the offering is subject to market conditions. The company specializes in carbon neutral flooring solutions.

Positive

• Plans to raise $300 million through senior unsecured notes.
• Intended use of proceeds to reduce debt indicates a focus on financial stability.

Negative

• Offering is subject to market conditions, which creates uncertainty.
• Notes will not be registered under the Securities Act, limiting investor access.

ATLANTA, Nov. 9, 2020 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company, today announced that it intends to offer, subject to market and other considerations, $300 million aggregate principal amount of senior unsecured notes due 2028 (the "Notes"). The company intends to use the net proceeds from the offering to pay down a portion of its revolving credit facility and outstanding term loans.

The Notes and the related guarantees have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), any state securities laws or the securities laws of any other jurisdiction. The Notes may not be offered or sold in the United States absent registration or pursuant to an exemption from, or in a transaction not subject to, registration. The Notes will be offered and sold only to persons reasonably believed to be "qualified institutional buyers" in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Interface

Interface, Inc. is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (LVT) and nora® rubber flooring.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. Forward-looking statements in this new release include the Company's proposal to sells its Notes and its plans for the net proceeds of such offering.  Such statements are subject to the risks that the offering of the Notes may not close, whether due to market conditions or otherwise, or that the net proceeds of the offering may be less than anticipated.

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.  The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.

 

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SOURCE Interface, Inc.

FAQ

What is the purpose of Interface, Inc.'s $300 million senior notes offering?

The $300 million senior notes offering is aimed at paying down a portion of Interface, Inc.'s revolving credit facility and outstanding term loans.

Who can purchase the senior unsecured notes from Interface, Inc.?

The senior unsecured notes will be offered only to qualified institutional buyers and certain non-U.S. persons in accordance with Regulation S and Rule 144A.

When are the senior notes due for Interface, Inc.?

The senior unsecured notes offered by Interface, Inc. are due in 2028.

What are the risks associated with the senior notes offering by Interface, Inc.?

Risks include potential market conditions affecting the closure of the offering and the possibility that the net proceeds may be less than anticipated.