Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2016 > News item |
Gymboree begins tender offer for up to $40 million of 9 1/8% notes
By Marisa Wong
Morgantown, W.Va., April 26 – Gymboree Corp. said it has begun a cash tender offer to purchase up to $40 million of its $210.6 million outstanding 9 1/8% senior notes due 2018.
The tender offer is scheduled to expire at 11:59 p.m. ET on May 23.
Holders who tender their notes by 5 p.m. ET on May 9, the early tender time, will be eligible to receive the total consideration, which will include an early tender premium of $30 per $1,000 principal amount.
The total consideration will be equal to the clearing price determined through a modified Dutch auction. The accepted bid price range will be between $340 and $400 per $1,000 principal amount.
The bid price that each holder specifies for each $1,000 principal amount of notes must be specified in increments of $2.50.
The company may choose to settle early tendered notes on an early settlement date.
Holders whose notes are tendered and accepted for purchase after the early deadline and prior to the expiration time will be eligible to receive the tender offer consideration, or the total consideration less the early tender premium. The final settlement date is expected to be on or around May 24.
The company will also pay accrued interest.
The offer is not conditioned on any minimum amount of notes being tendered but is subject to some other conditions described in a letter sent to noteholders.
Goldman Sachs & Co. (800 828-3182 or 212 357-0422) is the dealer manager for the tender offer. D.F. King & Co., Inc. (800 461-9313 or gymboree@dfking.com) is the tender agent and information agent.
Gymboree is a children’s apparel specialty retailer based in San Francisco.
© 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.