Kate Spade to redeem up to $334.8 million 10½% notes at 105.25

By Marisa Wong

Madison, Wis., April 11 - Kate Spade & Co. gave notice that it will redeem up to $334.8 million principal amount of its 10½% senior secured notes due April 2019.

The notes will be redeemed on May 10 at 105.25 plus accrued interest to the redemption date.

The redemption is conditioned on the company obtaining a new financing arrangement with lenders with enough proceeds to fund the purchase, according to an 8-K filing with the Securities and Exchange Commission.

On April 10 Kate Spade entered into a $400 million secured term credit facility due April 2021 to refinance the 10½% notes. The company expects to draw on the facility on the redemption date.

U.S. Bank NA is the trustee.

Kate Spade, formerly known as Liz Claiborne, Inc. and Fifth & Pacific Cos., Inc., is a clothing company based in New York.

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