J. C. Penney extends expiration for 9% '12 notes exchange

J.C. Penney Corp. said on Tuesday (Jan. 21) that it had extended the expiration deadline of its previously announced offer to exchange newly issued 9% notes due 2012 which have been registered for unrestricted public trading for its existing unregistered 9% notes. The offer was extended to 5 p.m. ET on Thursday (Jan. 23), subject to possible further extension, from the originally announced deadline last Friday (Jan. 17).

Penney said that as of 5 p.m. ET last Friday, approximately $230.153 million of the notes (approximately 99.9% of the outstanding principal amount) had been tendered for exchange under the offer, leaving approximately $50,000 of the notes so far untendered. Penney said that valid and unrevoked tenders of the existing notes made prior to that Jan. 17 deadline have been accepted and become irrevocable.

Mellon Investor Services LLC (call 201- 296-4000) is the exchange agent for the offer.

AS PREVIOUSLY ANNOUNCED: J.C. Penney, a Plano, Texas-based department store chain operator, said in an S-4 filing with the Securities and Exchange Commission on Dec. 10 that it would exchange up to $230.203 million newly issued 9% notes which had been registered with the SEC for public trading for a like amount of the unregistered notes (which had been issued last summer in an exchange for a total of $227,163,000 aggregate principal amount of Penney's 6 1/8% notes due 2003, 7 3/8% notes due 2004 and 6.9% debentures due 2026).

Penney initially set 5 p.m. ET on Jan. 17 as the expiration deadline for the offer (this was subsequently extended).

Cathay International Water extends 13% '08 notes tender, ups price

Cathay International Water Ltd. said Wednesday (Jan. 22) that it is increasing the cash price it will pay for its outstanding 13% senior notes due 2008 under its previously announced tender offer to par value (i.e. $1,000 per $1,000 principal amount) from its prior price of $850 per $1,000 principal amount. The company will also pay accrued but unpaid interest, including Special Interest (as defined below).

It also extended the expiration deadline of the offer to 5 p.m. ET on Feb. 5, subject to possible further extension, from Tuesday (Jan. 21).

As of 5 p.m. ET on Jan. 21, $5.84 million in aggregate outstanding principal amount of notes had been validly tendered and not withdrawn under the terms of the offer, up from the $4.015 million tendered under the previous deadline on Jan. 3.

Deutsche Bank Trust Co. Americas (Call toll-free at 800 735-7777) is the depositary for the offer.

AS PREVIOUSLY ANNOUNCED: Cathay International Water, a Hong Kong-based infrastructure company (formerly known as Cathay International Limited) began its tender offer for up to $40 million of its 13% notes on Dec. 4, initially setting a price of $825 per $1,000.

On Jan. 6, the company said that it had raised the price it was offering in its pending tender offer for the 13% notes to $850 per $1,000 principal amount from the previously set $825. The company said it was increasing the price to match that which it had offered in a previous tender, which expired last May.

Cathay International Water said that its tender offer continues to be for US$40 million principal amount of the notes.

The company said that it had also extended the expiration date to 5 p.m. ET on Tuesday (Jan. 21) from 5 p.m. ET on Jan. 3 (the offer was subsequently extended again). The company said the extra time was added partly because the previous date fell during a holiday week.

As of the former expiration deadline at 5 p.m. ET on Jan.3, $4.015 million principal amount of notes had been validly tendered and not withdrawn.

Cathay International Water added that since Jan. 10, 1999, the notes have paid interest at 13.5% due to 50 basis points of special interest required under the terms of the notes.

It said that notes that had already been validly tendered and not withdrawn before the new expiration date would be purchased at the increased price.

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