J. Crew extends tender for all 9¾% notes due 2014

By Jennifer Chiou

New York, Oct. 17 - J. Crew Operating Corp. said it is extending its tender offer for its 9¾% senior subordinated notes due 2014 to 9 a.m. ET on Jan. 23.

The tender offer and consent solicitation are conditioned upon the closing of an initial public offering and loan facility, which has been delayed. J. Crew said it believes the IPO will occur in early 2006.

The offer previously was set to expire at 9 a.m. ET on Nov. 1.

On Oct. 17, the company announced it received tenders for all of its 9¾% notes. Those who have tendered their holdings will have until 5 p.m. ET on Nov. 8 to withdraw their tendered notes.

The New York clothing retailer solicited consents for proposed amendments to the notes' indenture to eliminate or modify, among other things, all covenants, events of default and the provision requiring the company to make a repurchase offer for the notes in a change of control of the company.

The consent deadline was 5 p.m. ET on Oct. 14.

J. Crew said it will pay $1,015.07 per $1,000 principal amount of notes to investors who tendered their holdings before the consent deadline. The figure includes a consent payment of $5.07 per $1,000 principal amount of notes. The company will also pay accrued interest up to but excluding the payment date.

Goldman, Sachs & Co. is the dealer-manager (call collect 212 357-5680 or 877 686-5059). Global Bondholder Services Corp. is the information agent and depositary (866 873-6300).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.