Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Varsity Brands, Inc. > News item |
Varsity Brands starts tender for up to $33 million of senior notes
New York, Nov. 14 - Varsity Brands, Inc. announced a modified dutch auction tender offer for up to $33 million principal amount of its 10½% senior notes due 2007.
The Memphis, Tenn. manufacturer of cheerleading and dance team products said it would spend up to $23.1 million of cash on the offer. At the maximum price of $800 per $1,000 principal it would buy back $28.875 million principal amount of notes; at the minimum price of $700 the amount would be $33 million. Holders are invited to submit bids within that range.
The offer runs until 5 p.m. ET on Dec. 13 unless extended.
Cash for the offer will come from the proceeds remaining from Varsity Brands' June 2001 sale of its Riddell Team Sports Division.
Banc of America Securities LLC is the dealer manager, HSBC Bank is the depositary and Innisfree M&A Inc. is the information agent for the offer.
End
© 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.