Iron Age starts exchange for 9 7/8%, 12 1/8% notes

New York, Oct. 28 - Iron Age Corp. and its parent company Iron Age Holdings Corp. said they have begun exchange offers for Iron Age's 9 7/8% senior subordinated notes due 2008 and Holdings' 12 1/8% senior discount notes due 2009.

The Pittsburgh specialty distributor of work and safety footwear is offering new securities to be issued by Iron Age Corp. and a new holding company IAC Holdings, Inc., which, following completion of the exchange, will own all of Iron Age Corp.'s common stock.

Under the exchange, Iron Age is offering to holders of the 9 7/8% notes 95% of the stock of IAC Holdings and $8 million principal amount of 15% PIK subordinated convertible secured notes due 2008.

Holders of the 12 1/8% notes will receive 5% of the stock of IAC Holdings, subject to dilution on conversion of the new convertibles.

The exchange will run through midnight ET on Nov. 25, unless extended.

The exchange is conditional on a number of conditions including the tender of 100% of the outstanding 12 1/8% notes and at least 99% of the outstanding 9 7/8% notes and the amendment and restatement of the company's senior credit agreement.

As previously announced the restructuring has been agreed in principal with holders of a majority of the principal amount of the company's notes.

Full details at:

http://www.sec.gov/Archives/edgar/data/864292/000095015203009134/j0376301exv99w1.htm

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