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Yankee Candle terminates redemptions for 9¾% notes, 10¼%/11% notes
By Jennifer Chiou
New York, June 13 - Yankee Candle Co., Inc. said that it will not meet the conditions of its previously announced note redemptions and has withdrawn its notices for those redemptions.
On May 24, the company announced plans to redeem all $188 million outstanding principal amount of its 9¾% senior subordinated notes due 2017, and YCC Holdings LLC and Yankee Finance, Inc. planned to redeem all $315 million of their 10¼%/11% senior notes due 2016.
The redemption date had been scheduled for June 24.
According to a company press release, Yankee Candle also announced that it has terminated its previously announced offering of $450 million of senior notes in a private placement.
The redemption of each series of notes was conditioned on the following:
• Amendment of Yankee Candle's $175 million senior secured asset-based credit facility to allow for a new term loan facility and the issuance of new senior notes by Yankee Candle;
• Proceeds of at least $1.4 billion from borrowings under a new term loan facility and the issuance of the new senior notes; and
• Completion of the other redemption and the repayment of Yankee Candle's term loan facility.
Yankee Candle is a South Deerfield, Mass.-based designer, manufacturer, wholesaler and retailer of scented candles.
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