Samsonite prolongs tender for 8 7/8% notes, floaters due 2010

By Jennifer Chiou

New York, Dec. 20 - Samsonite Corp. said it extended the tender offer for its $164.97 million of 8 7/8% senior subordinated notes due 2011 and €100 million of floating-rate senior notes due 2010.

The offers now end at 9 a.m. ET on Dec. 21, pushed back from Dec. 20. They began on Nov. 21.

As of Dec. 20, Samsonite said it received tenders from holders of 99.84% of its 8 7/8% notes and 85.25% of its floaters.

At the consent deadline of 9 a.m. ET on Dec. 6, the company announced it received tenders from holders of $164.41 million or 99.66% of its 8 7/8% notes and €84.629 million or 84.62% of its floaters gave consents.

The Denver luggage maker obtained enough consents to amend the note indentures to eliminate substantially all of the restrictive covenants and certain provisions relating to events of default. The company added that it executed supplemental indentures.

For each $1,000 or €1,000 principal amount, the company said it will pay $1,088.75 for the 8 7/8% notes and €1,020 for the floaters.

The company added it will pay accrued interest.

The payouts include a $20.00 or €20.00 consent payment for those who tender by the early deadline.

The offers are conditioned upon sufficient funding from borrowings under a new credit facility and cash on hand.

Deutsche Bank AG, London Branch (for the floaters: 44 20 7545 8011) and Merrill Lynch & Co. (for the 8 7/8% notes: call collect 212 809-2663 or 888 385-2663) are the dealer managers and solicitation agents.

Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 807-2200).

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