Hartmarx offers shorter maturity, more cash, stock in note exchange

New York, Jan. 2 - Hartmarx Corp. amended its exchange offer for its 10 7/8% senior subordinated notes, reducing the maturity of the new notes it is offering, increasing the cash component and adding stock. It also extended the offer by one day to midnight ET on Jan. 15.

The Chicago casual and golf apparel company is now offering noteholders $800 of new 12½% senior subordinated notes due Sept. 15, 2003, $200 of cash and 93 shares of Hartmarx common stock for each $1,000 principal of the existing notes.

The change reduces the maturity of the new notes from Jan. 15, 2005 and reduces the amount of notes from $850 per $1,000 principal of the existing notes. The cash portion is increased from $150 previously and no stock was previously being offered.

Hartmarx previously said the exchange offer will extend the maturity of its debt and, along with an amendment to its credit facility give it "the necessary time and flexibility to implement our business plan in the currently difficult retail environment."

The existing notes mature on Jan .15, 2002.

End

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.