The Men's Wearhouse announced that it has agreed to sell $600 million aggregate principal amount of its 7.00% Senior Notes due 2022 (the "Notes") in a private offering. The Company intends to use the net proceeds from this offering of senior notes to pay a portion of the approximately $1.8 billion purchase price for the previously announced acquisition of Jos. A. Bank Clothiers, Inc.
The Notes will mature on July 1, 2022. The Company's obligations under the Notes will be fully and unconditionally guaranteed on an unsecured basis by the Company's direct and indirect wholly-owned U.S. subsidiaries, subject to certain exceptions. The offering is expected to be completed on June 18, 2014, subject to the satisfaction or waiver of customary closing conditions.
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,128 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of suits, sport coats, furnishings and accessories in exclusive and non-exclusive merchandise brands and Men's Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of women's apparel. Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores.
Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the United Kingdom.