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Samsonite gets tenders for 99.84% of 8 7/8% notes, 85.33% of floaters due 2010
By Jennifer Chiou
New York, Dec. 21 - Samsonite Corp. announced it received tenders from holders of $164.71 million or 99.84% of its $164.97 million of 8 7/8% senior subordinated notes due 2011 and €85.331 million or 85.33% of its €100 million of floating-rate senior notes due 2010.
The offers ended at 9 a.m. ET on Dec. 20. They began on Nov. 21.
The company said holders of $164.41 million or 99.66% of its 8 7/8% notes and €84.629 million or 84.62% of its floaters gave consents at 9 a.m. ET on Dec. 6, the consent deadline.
The Denver luggage maker obtained enough consents to amend the note indentures to eliminate substantially all of the restrictive covenants and certain provisions relating to events of default. The company added that it executed supplemental indentures that have become operative.
For each $1,000 or €1,000 principal amount, the company said it paid $1,088.75 for the 8 7/8% notes and €1,020 for the floaters.
The company also paid accrued interest.
The payouts include a $20.00 or €20.00 consent payment for those who tender by the early deadline.
The offers were conditioned upon sufficient funding from borrowings under a new credit facility and cash on hand.
Samsonite added it will redeem the remaining floaters in January at 102% plus accrued interest.
Deutsche Bank AG, London Branch (for the floaters: 44 20 7545 8011) and Merrill Lynch & Co. (for the 8 7/8% notes: call collect 212 809-2663 or 888 385-2663) are the dealer managers and solicitation agents.
The company's board also approved a special $175 million cash distribution, consisting of dividends on its common stock and convertible preferred stock and certain dilution adjustment payments.
Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 807-2200).
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