The exercise of the option is subject to the satisfaction of a number of conditions, including completion of financial and other due diligence and the execution of a mutually satisfactory termination agreement.
If the conditions are satisfied, the resulting purchase is expected to be completed in the fourth quarter of 2012. The expected purchase price range for the buyout including debt repayment and related transaction fees is estimated to be between $45 and $50 million.
Any purchase will be funded by a portion of the net proceeds from the Company's June 2012 issuance of $152 million of 10.5% Senior Secured Notes, together with cash on hand. The Company expects that the buyout of the joint venture interest will not have a material impact on the Company's adjusted EBITDA for 2012.
Fifth & Pacific Companies Inc. (formerly Liz Claiborne Inc.) designs and markets a portfolio of retail-based, premium, global lifestyle brands including Juicy Couture, kate spade, and Lucky Brand.
Fifth & Pacific Companies Inc
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