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Duane Reade tenders for 2.1478% convertibles
New York, Aug. 12 - Duane Reade Inc. said it has begun a cash tender offer for all its outstanding 2.1478% senior convertible notes due 2022.
The New York-based drug store chain said it will offer $572.76 per $1,000 principal amount at maturity for the convertibles plus accrued interest.
Duane Reade currently has $351 million principal amount at maturity of the notes outstanding.
The tender offer is required under the change-of-control provisions in the convertible indenture. On July 30, Duane Reade was acquired by private equity firm Oak Hill Capital Partners, LP.
The tender runs though 5 p.m. ET on Sept. 10.
U.S. Bank NA is paying agent for the tender offer (800 934-6802).
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