Home / Knowledge / News / Apparel/Garments / Fifth & Pacific to raise $75mn from senior secured notes
Fifth & Pacific to raise $75mn from senior secured notes
06
Feb '14
Fifth & Pacific Companies, Inc. announced the commencement of an offer to purchase (the "Offer") up to $75.0 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 (as amended and supplemented to date, 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 March 7, 2014, 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If the aggregate principal amount of Notes validly tendered (and not validly withdrawn) in the Offer exceeds the Offer Amount, the Trustee will select the Notes to be accepted for purchase on a pro rata basis (with such adjustments as may be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  Tenders may be validly withdrawn no later than the Expiration Time.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 February 3, 2014, pursuant to the Purchase Agreement dated as of December 10, 2013, by and between LBD Acquisition Company, LLC, a Delaware limited liability company and the Company (the "Purchase Agreement"), the Company completed the sale (the "Sale") of all issued and outstanding equity interests of Lucky Brand Dungarees, Inc., a Delaware corporation and a wholly owned subsidiary of the Company.  
 
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 $75.0 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

Must ReadView All

Textiles | On 7th Dec 2016

‘Price-competitiveness is crucial for China yarn market’

Kikani Exports, India based yarn supplier with 12 years of experience ...

Apparel/Garments | On 7th Dec 2016

Bangladesh RMG exports up 6.39% in July-Nov 2016

Readymade garment (RMG) exports from Bangladesh increased by 6.39 per ...

Courtesy: Fabindia

Apparel/Garments | On 7th Dec 2016

Infosys cofounder Nilekani invests in Fabindia

Through their family office Entrust, Infosys cofounder Nandan...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Bani Batra

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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