) today announced that it has entered into a definitive agreement and secured commitments from holders of more than 99% of its 4.25% convertible senior notes due in 2012 to move forward with a modified transaction that will refinance the company's entire capital structure. As part of the refinancing, the company has launched an exchange offer today for the $330.0 million of existing unsecured 4.25% convertible senior notes. Consummation of the refinancing is expected to occur by the end of September, following completion of the exchange offer. Consistent with the agreement announced on June 1, 2011, the modified agreement will completely recapitalize the company and eliminate the refinancing risk related to the maturity of the existing convertible notes and the existing bank debt in 2012. It also provides liquidity to fund continued operations through a new asset-based revolving loan facility. Additionally, the note holders have committed to provide the company with access to a $25.0 million bridge loan to serve as a liquidity cushion through the completion of the recapitalization. The recapitalization also provides for the immediate deleveraging of the balance sheet through a $50.0 million debt-for-equity exchange, and creates the opportunity for additional deleveraging of $280.0 million through the early conversion of the new convertible secured notes to be issued in the exchange offer. The agreement with the note holders will effectuate a comprehensive refinancing in conjunction with the new ABL facility of $100.0 million. Commitment for the ABL, arranged through Wells Fargo Capital Finance, LLC, has been signed and the transaction is scheduled to close in conjunction with the completion of the convertible notes exchange offer. The ABL facility matures in five years from the date of closing.