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Oxford Industries completes $150 mn offering
01
Jul '09
Oxford Industries Inc announced the completion of a private offering of $150 million aggregate principal amount of 11.375% Senior Secured Notes due 2015 (the "Senior Secured Notes"). The net proceeds from the sale of the Senior Secured Notes, together with borrowings under the Company's domestic revolving credit facility, will be used to fund the repurchase, repayment or discharge of all of the $166,805,000 aggregate principal amount of the Company's 8-7/8% Senior Unsecured Notes due 2011 (the "2011 Notes") outstanding for which it is currently conducting a previously announced tender offer.

The Senior Secured Notes are guaranteed on a senior basis by all of the Company's existing domestic subsidiaries that currently guarantee obligations under the Company's domestic revolving credit facility. The Senior Secured Notes are generally secured on a first-priority basis by a lien on the U.S. registered trademarks and certain related rights of the Company and its guarantor subsidiaries and a second-priority security interest on the assets that secure the Company's domestic revolving credit facility.

The Senior Secured Notes were sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and have not been registered under the Securities Act or any state securities laws. Therefore, the Senior Secured Notes may not be offered or sold in the United States absent registration or applicable exemption from such registration requirements.

The Company also announced that it has accepted for payment, and has paid for, $144,584,000 in aggregate principal amount of the 2011 Notes, representing approximately 86.68% of the previously outstanding principal amount of the 2011 Notes, tendered pursuant to the Company's previously announced offer to purchase any and all of the 2011 Notes (the "Offer").

The Offer remains open and will expire at 12:00 midnight, New York City time, on July 13, 2009 (the "Expiration Date"). Any additional 2011 Notes tendered prior to the Expiration Date are currently expected to be accepted for payment on July 14, 2009 at a price of $970 per $1,000 principal amount of the 2011 Notes validly tendered. The terms and conditions of the Offer are set forth in the Offer to Purchase dated June 15, 2009. Oxford may amend, extend or, subject to certain conditions, terminate the Offer.

Oxford Industries Inc

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