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Ross Stores prices offering of $250 million senior notes
19
Sep '14
NASDAQ-listed and operator of the largest off-price apparel and home fashion chain in the US – Ross stores has priced its public offering of $250 million of senior notes due in 2024.

Ross Stores said its notes will be issued at a price of 99.329% of their principal amount and will bear interest at a rate of 3.375% per annum.

Ross Stores will use the net proceeds mainly to fund the purchase of its New York Buying Office building, which is expected to close by the end of September 2014.

Any remaining net proceeds may also be used to fund its share repurchase program, meeting its working capital requirements and funding store growth and store remodelling programs.

This note offering is projected to settle on September 18, 2014, subject to customary closing conditions.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are acting as joint book-running managers.

Ross Stores reported $10.2 billion revenues in fiscal 2013 and manages 1,194 stores in 33 US states, the District of Columbia and Guam. (AR)

Fibre2fashion News Desk - India


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