Home / Knowledge / News / Apparel/Garments / Fifth & Pacific begins $125mn senior secured notes offer
Fifth & Pacific begins $125mn senior secured notes offer
09
Nov '13
Fifth & Pacific Companies, Inc. announced the commencement of an offer to purchase (the "Offer") up to $125.0 million aggregate principal amount (the "Offer Amount") of 10.50% Senior Secured Notes due 2019 (the "Notes") issued by the Company, in accordance with the terms of the indenture governing the Notes, dated as of April 7, 2011 (the "Indenture"), at  a purchase price of 100% of the principal amount thereof, plus accrued and unpaid interest to the date of payment. 

The Offer will expire at 5:00 p.m., New York City time, on December 11, 2013, unless extended (the "Expiration Time").  If the aggregate principal amount of Notes validly tendered (and not validly withdrawn) in the Offer exceeds the Offer Amount, the Trustee will select the Notes to be accepted for purchase on a pro rata basis (with such adjustments as may be needed so that only Notes in minimum amounts of $2,000 and integral multiples of $1,000 will be so purchased).  Tenders may be validly withdrawn no later than the Expiration Time.

On November 6, 2013, pursuant to the Purchase Agreement dated as of October 7, 2013 and as amended by that Amendment Agreement dated as of November 6, 2013, by and among ABG-Juicy LLC, a Delaware limited liability company, Juicy Couture, Inc., a California corporation and a wholly owned subsidiary of the Company, and the Company (the "Purchase Agreement"), the Company completed the sale (the "Sale") of all issued and outstanding equity interests of ABG Juicy Couture, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Issuer, holding all of the Juicy IP Assets (as defined in the Purchase Agreement). 

The Sale constitutes an "Asset Sale" under the Indenture and the Offer constitutes a New Proceeds Offer (as defined in the Indenture) being made using the Net Proceeds (as defined in the Indenture) of the Sale in order to satisfy the Company's obligation to make a Net Proceeds Offer under the Indenture. The Net Proceeds  from the Sale equal $125.0 million, which Net Proceeds reflect, among other things, the netting of direct costs relating to the Sale and reserves or payments with respect to liabilities associated with the assets sold or the Sale itself that are being retained by the Company.

In the event that the aggregate principal amount of tendered and accepted Notes is less than the Offer Amount, any Net Proceeds not used for the purchase of Notes pursuant to the Offer will be available for use by the Company in any manner permitted under the Indenture.

Fifth & Pacific Companies

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search