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Departmental store Hbc boosts offer price

Apr '06
Leading departmental store Hudson's Bay Company (Hbc) announced that it will increase the price at which it is offering to purchase all of the outstanding 7.50 percent unsecured medium term notes due June 15, 2007 of Hbc from $1,020 per $1,000 principal amount of medium term notes to $1,027.50 per $1,000 principal amount of medium term notes, in each case plus accrued and unpaid interest up to and as at the date immediately prior to the date on which Hbc takes up the medium term notes under the offer.

Hbc also announced that it will extend the expiry of its offer. The offer will now expire at 5:00 p.m. (Toronto time) on April 7, 2006, unless further extended or withdrawn by Hbc.

Institutions holding over $21.5 million aggregate principal amount of medium term notes, representing approximately 18 percent of the aggregate principal amount of the outstanding medium term notes, have indicated to Hbc that they will tender to the offer.

The medium term notes were originally issued in the "book-entry only" system. Therefore, noteholders desiring to tender medium term notes under the offer must direct their investment dealer, stockbroker, bank, trust company or other nominee to accept the offer in the manner required by their nominee.

All noteholders who tender their medium term notes to the offer will receive the increased price, including those noteholders who have already tendered their medium term notes to the offer. Noteholders who have already tendered to the offer need do nothing further.

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