Toys ‘R’ Us: Holders of half of notes due 2017, 2018 agree to exchange

By Wendy Van Sickle

Columbus, Ohio, June 13 – Toys ‘R’ Us, Inc. reached an agreement with noteholders of about half of its $850 million in debt scheduled to mature in 2017 and 2018, according to a Monday press release.

The noteholders have agreed to support Toys ‘R’ Us’ refinancing by participating in an exchange offer to extend its debt maturities, the company said.

The company said it plans to refinance up to about 89% of these existing notes via this exchange offer, which involves the trading of existing debt for newly issued debt maturing in five years.

In addition, the company reported a third party has also agreed to purchase up to $50 million of new debt, subject to the successful completion of the exchange offer.

Toys ‘R’ Us is a Wayne, N.J.-based toy retailer.

© 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.