Kate Spade wraps purchase offer for 10½% notes; no notes tendered

By Marisa Wong

Madison, Wis., March 13 - Kate Spade & Co., formerly known as Fifth & Pacific Cos., Inc., said that none of its 10½% senior secured notes due 2019 were tendered under its previously announced purchase offer, according to an 8-K filing with the Securities and Exchange Commission.

The offer for up to $75 million of the 10½% notes began on Feb. 5 and expired on March 7.

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

The purchase offer was made in connection with the company's sale of all issued and outstanding equity interests of wholly owned subsidiary Lucky Brand Dungarees, Inc., completed on Feb. 3.

Because no notes were tendered, the entire $75 million of proceeds from the asset sale was released from the collateral proceeds account and is available for the company to use in any way permitted by the notes' indenture. The company said it expects to use the proceeds for general corporate purposes.

The clothing company is based in New York.

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