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Carter's Inc completes acquisition of Oshkosh B'Gosh Inc

15
Jul '05
Largest branded marketer of children's apparel Carter's Inc announced it has completed the acquisition of Oshkosh B'Gosh, Inc Under the final terms of the transaction, originally announced on May 10, 2005, a subsidiary of Carter's purchased 100 percent of the common stock of OshKosh B'Gosh for approximately $312 million, which includes payment for vested stock options.

"They are excited to bring together two of America's most trusted children's apparel brands," said Fred Rowan, Carter's Chairman and CEO. "We are eager to realize the tremendous potential of the Carter's and OshKosh brands.

By leveraging our proven brand management and supply chain skills, we believe we can create significant, long-term value for Carter's shareholders, customers, and consumers."

Carter's also announced the expiration of the previously announced cash tender offer and consent solicitation by its subsidiary, The William Carter Company ("TWCC"), for its outstanding 10.875% Senior Subordinated Notes due 2011 (CUSIP No. 146303AE2 and ISIN US146303AE25) (the "Notes"), paying approximately $132.9 million of total consideration for the Notes including a redemption premium of approximately $14.0 million and accrued and unpaid interest.

A total of $113.75 million in aggregate principal amount of the Notes (100% of the outstanding Notes) was tendered prior to the expiration date of 9:00 a.m., New York City time, July 14, 2005.

The amendments to the indenture governing the Notes that were proposed by TWCC in connection with the tender offer, which eliminate substantially all of the restrictive covenants and certain events of default contained in the indenture governing the Notes, were approved by written consent of the tendering holders of the Notes and became operative today upon TWCC's acceptance of the tendered Notes for purchase.


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