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Toys ‘R’ Us expects to redeem remaining 10 3/8% notes on Sept. 29
By Angela McDaniels
Tacoma, Wash., Aug. 26 – Toys ‘R’Us, Inc. plans to redeem its $105,079,000 of outstanding 10 3/8% notes due 2017 on Sept. 29, according to an 8-K filing with the Securities and Exchange Commission.
The company expects to issue a notice of redemption for the notes on Aug. 30.
The notes to be redeemed represent all of the 10 3/8% notes that were not tendered in the exchange offer for the 10 3/8% notes and the company’s 7 3/8% senior notes due 2018. The offer ended Aug. 9.
The company will fund the redemption with the proceeds of $141,549,000 of privately placed 12% senior secured notes due 2021.
TRU Taj LLC and TRU Taj Finance, Inc. issued $407.39 million of the 12% notes in the exchange offer and an additional $33.81 million in concurrent private placements. With the add-on, the total issue size is now $582.75 million.
Proceeds will also be used for general corporate purposes, which may include repayment of other debt.
Toys ‘R’ Us is a Wayne, N.J.-based toy retailer.
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