Fifth & Pacific's offer to buy $125 million 10½% notes gets no takers

By Angela McDaniels

Tacoma, Wash., Dec. 12 - Fifth & Pacific Cos., Inc. said no notes were tendered into its offer to purchase up to $125 million of 10½% senior secured notes due 2019.

The offer began Nov. 8 and expired at 5 p.m. ET on Dec. 11.

The company offered par plus accrued interest to the payment date.

The company sold its Juicy Couture brand on Nov. 6 and was required under the indenture governing the notes to offer to buy back the notes using proceeds from the sale.

Because no notes were tendered in the offer, the $125 million of net proceeds that had been placed in a collateral proceeds account were released and became available for use by the company in any manner permitted by the indenture, according to an 8-K filing with the Securities and Exchange Commission.

The company now expects to use the net proceeds for debt reduction and for general corporate purposes.

Fifth & Pacific designs and markets premium lifestyle brands, including Kate Spade and Lucky Brand.

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