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Gymboree buys another $52,000 of 9 1/8% notes in tender offer
New York, May 24 – Gymboree Corp. said that it accepted for purchase an additional $52,000 of its 9 1/8% senior notes due 2018, bringing the total bought in its tender offer to $39,614,000.
Settlement was scheduled for Tuesday, according to a news release.
The tender ended at 11:59 p.m. ET on May 23.
The company previously accepted the $39,562,000 of the notes that were validly tendered by the early deadline.
Gymboree announced the early tender results on May 10 after increasing the purchase price on May 3.
As previously announced, the purchase price for early tenders was set at $520 per $1,000 amount, a figure determined using a modified Dutch auction and at the high end of the range of bid prices the company said it would accept.
Tenders after the early deadline will be settled at a price of $490 per $1,000 principal amount, the total consideration of $520 less the $30 early tender premium.
On May 3 Gymboree increased the limits on bid prices it would accept to $450 to $520 per $1,000 principal amount from $340 to $420 originally.
The tender was announced on April 26. At that time the company said it would spend $40 million to buy some of its $210.6 million of outstanding 9 1/8% notes.
It fixed the early tender time for 5 p.m. ET on May 9 and said holders who tender before that deadline will receive the total consideration, which includes an early tender premium of $30 per $1,000 principal amount.
The company will also pay accrued interest.
The offer is not conditioned on any minimum amount of notes being tendered but is subject to some other conditions described in a letter sent to noteholders.
Goldman Sachs & Co. (800 828-3182 or 212 357-0422) is the dealer manager for the tender offer. D.F. King & Co., Inc. (800 461-9313 or gymboree@dfking.com) is the tender agent and information agent.
Gymboree is a children’s apparel specialty retailer based in San Francisco.
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