Upcoming Tender Offer
The Company is in the process of finalizing the documents for a tender Offer to purchase up to $5 million aggregate principal amount (subject to increase at our discretion) of our 8% senior notes payable. The price range of the Tender Offer is $650 to $750 per $1,000 principal amount of the Notes. In conjunction with the Tender Offer, we are soliciting consents from the note holders to certain amendments to the indenture that governs the notes, including the elimination of most of the covenants and certain events of default. As consideration to the note holders for their consent to the indenture amendments, subject to obtaining the consent from holders of at least a majority of the outstanding principal amount of the notes, we will also amend the indenture to reduce the stated maturity date of the notes by two years, from March 15, 2020 to March 15, 2018. We hope to conclude the Tender Offer during the second quarter of 2012.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
