Kenneth Cole Productions plans new debt for buyout by chairman

By Sara Rosenberg

New York, June 6 - Kenneth Cole Productions Inc. has received a commitment for debt financing to help fund its acquisition by chairman and chief creative officer, Kenneth D. Cole, according to a news release.

Wells Fargo Bank is leading the new debt.

Under the agreement, Cole, through a newly formed entity named KCP Holdco Inc., will acquire the company for $15.25 per share in cash. The transaction has a total enterprise value of about $245 million.

Other funds for the buyout will come from equity.

Closing is subject to receipt of shareholder approval and other customary conditions.

Kenneth Cole Productions is a New York-based designer and marketer of footwear, handbags, apparel and accessories.

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