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Kellwood completes bond exchange offer
Jul '09
Kellwood Company, a leading designer, manufacturer and marketer of premier fashion brands, announced that the Company has successfully completed its bond exchange of new senior secured notes due in 2014 for its existing senior notes that were due on July 15, 2009.

“I am very pleased that Deutsche Bank and the other bondholders accepted Kellwood's exchange offer,” said Michael W. Kramer, President and CEO of Kellwood. “The conclusion of this transaction not only creates a better deal for our bondholders, the exchange into new notes with a maturity in 2014 strengthens our financial position. This will let us continue to build on the operational improvements we have made to date and take advantage of opportunities to grow our brands and our business.”

“In an otherwise challenging retail and fashion marketplace, Kellwood continues to perform well, with solid operations, profitability and full access to our $175 million credit facility,” added Mr. Kramer. “I want to thank our employees, customers, vendors, bondholders and Bank of America for all the support they have shown through the bond exchange process of the last few weeks. With the exchange offer completed, Kellwood is ready to move forward aggressively and reach our full potential.”

The transaction was a par for par exchange and maintains the same obligor for the new senior secured notes. Kellwood was advised by Lazard Middle Market LLC and Kirkland & Ellis LLP.

Kellwood Company

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