Home / Knowledge / News / Apparel/Garments / Fifth & Pacific to raise $75mn from senior secured notes
Fifth & Pacific to raise $75mn from senior secured notes
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If the aggregate principal amount of Notes validly tendered (and not validly withdrawn) in the Offer exceeds the Offer Amount, the Trustee will select the Notes to be accepted for purchase on a pro rata basis (with such adjustments as may be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  Tenders may be validly withdrawn no later than the Expiration Time.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

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Milind Khandwe
Hindoostan Innovation Centre

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

Vidhyaa Shankar. S
A Ganapathi Chettiar

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Paolo Ocleppo
Sandvik Hyperion

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

Bani Batra

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search