99 Cents to repay loans, redeem 13% notes due 2022 via new notes

By Taylor Fox

New York, Dec. 15 – 99 Cents Only Stores LLC plans to repay in full its existing first-lien term loan, fully redeem its outstanding 13% cash/PIK notes due 2022 and pay a portion of the outstanding borrowings under its first-lien asset-based revolving credit facility, according to a news release.

The transactions will be funded using proceeds from a $325 million senior note offering, together with proceeds from a preferred equity financing.

Any remaining proceeds will be used for general corporate purposes, which may include the repayment of debt.

99 Cents is a City of Commerce, Calif.-based operator of extreme value stores.

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