Casual bags maker Samsonite approves special cash allocation
22 Dec '06
3 min read
The Company also announced that its offers to purchase any and all of its $164,970,000 outstanding 8-7/8% Senior Subordinated Notes due 2011 and Euro 100,000,000 outstanding Floating Rate Senior Notes due 2010 expired at 9:00 a.m., New York City time, on December 21, 2006.
As of 9:00 a.m., New York City time, on December 21, 2006, $164,710,000 million aggregate principal amount, or approximately 99.84% of the outstanding Senior Subordinated Notes, and Euro 85,331,000 aggregate principal amount, or approximately 85.33% of the outstanding Floating Rate Notes, have been validly tendered and accepted for payment by the Company.
The Company's acceptance of the validly tendered notes made operative the applicable supplemental indenture relating to each series of notes. The supplemental indentures were filed as exhibits to the Company's Current Report on Form 8-K filed with the SEC on December 6, 2006.
The Company expects to redeem the remaining Euro 14,669,000 aggregate principal amount of Floating Rate Notes in January 2007 pursuant to the terms of the indenture governing the Floating Rate Notes at a price of 102% of the principal amount of each Floating Rate Note, plus accrued and unpaid interest through the redemption date.
On December 21, 2006, the Company closed its new credit facility consisting of a $450 million senior secured term loan facility and an $80 million senior secured revolving credit facility, including a letter of creditsub-facility.