Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2021 > News item |
361 Degrees repurchases, tenders for 7¼% senior notes due 2021
By Cady Vishniac
Detroit, Jan. 4 – 361 Degrees International Ltd. has launched a tender offer for its 7¼% senior unsecured notes due June 3, 2021 (XS1415758991), according to a market release.
The company intends to repurchase up to $135 million of the $266.11 million of notes outstanding at par plus accrued interest.
If more than $135 million notes are validly tendered, the tenders may be subject to proration.
361 Degrees says it is making the tender offer to actively manage its balance sheet and optimize its debt structure. It intends to fund the offer with internal resources.
The offer will expire at 11 a.m. ET on Jan. 12. An announcement of the results is expected on Jan. 13, with settlement on Jan. 15. All tendered notes accepted for purchase will be canceled.
Merrill Lynch (Asia Pacific) Ltd. (+852 3508 3510, +44 207 996 5420; DG.LM-EMEA@bofa.com) is the dealer manager on the tender offer, and Lucid Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114; degree@lucid-is.com; https://www.lucid-is.com/degree2021) is the information and tender agent.
The company also announced that it has repurchased an additional $113.79 million of its originally issued $400 million of the notes on the open market.
The company repurchased $20.1 million of the notes in October, as previously reported.
All the notes repurchased have been canceled.
361 Degrees is a sportswear company based in Xiamen City, China.
© 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.