Nine West to issue new 8¼% notes in exchange for 91.69% of Jones Group's 6 7/8% notes

By Jennifer Chiou

New York, April 21 - Nine West Holdings, Inc., formerly known as Jones Group Inc., announced that it will issue new 8¼% senior notes due 2019 in its private exchange offer for the 6 7/8% senior notes due 2019 of Jones Group, Jones Apparel Group Holdings, Inc., Jones Apparel Group USA, Inc. and JAG Footwear, Accessories and Retail Corp.

According to a press release, holders tendered $366,776,000, or 91.69%, of the outstanding notes.

The offer ended at 11:59 p.m. ET on April 18.

For each $1,000 principal amount of notes tendered for exchange, the company will issue a like amount of the new notes, including an early participation consideration of $30.00 principal amount, to those who tendered prior to 5 p.m. ET on April 4.

Those who tendered after that time will receive $970 principal amount of new notes in exchange for each $1,000 principal amount of tendered notes.

Settlement is anticipated for April 23.

Previously, a change-of-control offer was made for the notes in connection with the acquisition of Jones Group Inc. by Jasper Parent LLC on April 8.

Nine West is a designer, marketer and wholesaler of apparel, footwear and accessories. Jones was a New York-based designer, marketer and wholesaler of apparel, footwear, jeanswear, jewelry and handbags.

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