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Hot Topic parent redeems 12%/12¾% PIK toggle notes at 101.5% of par
By Angela McDaniels
Tacoma, Wash., May 26 – HT Intermediate Holdings Corp., the indirect parent company of Hot Topic, Inc., redeemed its $110 million of 12%/12¾% senior PIK toggle notes due 2019, according to a company news release.
The redemption price was 101.5% of par plus accrued interest.
The total cost of the redemption was about $112 million.
The company said it funded the redemption through the sale of $110 million of its perpetual non-redeemable 13% PIK preferred stock to an affiliate of Sycamore Partners and $2 million of cash provided by Hot Topic.
Hot Topic is a of specialty retailer based in City of Industry, Calif.
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