Belk amends agreements, will redeem three note series upon Bear merger

By Tali Rackner

Norfolk, Va., Dec. 7 – Belk, Inc. entered into amendments to the note purchase agreements related to its $100 million of 5.21% senior notes due Jan. 25, 2022, $50 million of 5.7% senior notes due Nov. 23, 2020 and $125 million of 6.2% senior notes due Aug. 31, 2017, according to an 8-K filing with the Securities and Exchange Commission.

The amendments provide for a mandatory prepayment of all the notes at the consummation of the company’s merger with Bear Parent Inc. and Bear Merger Sub Inc.

The notes will be repaid at par plus accrued interest and a make-whole amount.

Belk is a Charlotte, N.C.-based department store company.

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