Hudson's Bay gets tenders for 61% of 7½% notes due 2007

By Jennifer Chiou

New York, April 10 - Hudson's Bay Co. announced it received tenders from holders of C$72.95 million or 61% of its 7½% unsecured medium-term notes due June 15, 2007.

The company said it will redeem the remaining notes at C$1,027.50 per C$1,000 principal amount on April 11, plus accrued interest up but excluding the redemption date.

The offer expired at 5 p.m. ET on April 7 after being extended from 5 p.m. ET on April 4.

Hudson's Bay previously increased the purchase price for the notes to C$1,027.50 from C$1,020.00 per C$1,000.00 principal amount of notes. The company will also pay accrued interest.

Sprott Securities Inc. is the dealer manager (416 937-6709). Georgeson Shareholder is the solicitation agent (866 801-4836). CIBC Mellon Trust Co. is the depositary.

Hudson's Bay began the offer on March 14.

The Toronto-based company is Canada's largest department store retailer and oldest corporation.

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