Carter's begins tender offer for 10.875% notes due 2011
10 Jun '05
4 min read
America's number one branded children's apparel company Carter's Inc announced its subsidiary, The William Carter Company ("TWCC"), has commenced a cash tender offer and consent solicitation (the "Offer") for any and all of TWCC's $113,750,000 aggregate principal amount outstanding of 10.875% Senior Subordinated Notes due.
The tender offer is scheduled to expire at 9:00 a.m., New York City time, on July 8, 2005 (the "Expiration Date"), unless extended or earlier terminated. The consent solicitation will expire at 5:00 p.m., New York City time, on June 22, 2005 (the "Consent Payment Deadline"), unless extended. Tenders of Notes may be validly withdrawn and consents may be validly revoked until 5:00 p.m., New York City time, on June 22, 2005.
The total consideration per $1,000 principal amount of Notes validly tendered in the Offer on or prior to the Consent Payment Deadline will be based on a fixed spread of 50 basis points over the yield to maturity on the Price Determination Date (defined below) of the 2.375% U.S. Treasury Note due August 15, 2006. In addition, holders whose Notes are validly tendered and accepted for purchase will receive accrued and unpaid interest up to, but not including, the applicable payment date for the Notes.
The total consideration will be calculated at 2:00 p.m., New York City time, on June 23, 2005, (the "Price Determination Date") unless TWCC extends the Offer prior to the Price Determination Date, in which case it will be on the tenth business day immediately preceding the Expiration Date. Holders who validly tender their Notes on or prior to the Consent Payment Deadline, and whose Notes are accepted for payment, will receive payment promptly following the satisfaction or waiver of the conditions of the Offer (as described below) on the initial payment date. TWCC expects the initial payment date to be on or about June 30, 2005.
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