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Caleres wraps tender offer for 7 1/8% notes, expects to call remainder
By Susanna Moon
Chicago, July 27 – Caleres, Inc. said investors had tendered $160,704,000 principal amount, or 80.35%, of its $200 million principal amount of 7 1/8% senior notes due 2019.
The tender offer ended at 5 p.m. ET on July 24, with settlement expected Monday. The offer began July 20.
Caleres expects to call all of the remaining notes at a redemption price of 103.563% of par plus accrued interest up to but excluding the redemption date of Aug. 26, according to a company notice.
As previously announced, the cash purchase price for the tender was $1,039.50 per $1,000 principal amount plus accrued interest to but excluding the settlement date.
Caleres priced $200 million of eight-year senior notes at par on July 21 to yield 6¼%, as previously reported, and proceeds were used to fund the offer.
The offer was not conditioned on any minimum amount of notes being tendered.
BofA Merrill Lynch (888 292-0070 or 980 388-3646) is the dealer manager. Global Bondholder Services Corp. (866 794-2200, 212 430-3774 or gbsc-usa.com/Caleres) is the information agent.
Caleres is a diverse portfolio of global brands based in St. Louis.
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