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Kohl’s tenders for up to $1 billion of notes from four series
By Taylor Fox
New York, March 29 – Kohl’s Corp. began a cash tender offer to purchase up to $1 billion of notes from four series, according to a news release.
The following note series are included in the offer, by acceptance priority level:
• $600 million outstanding 9.5% notes due 2025 (Cusip: 500255AW4) with pricing based on the 0.75% U.S. Treasury due March 31, 2026 plus 85 basis points;
• $649,921,000 outstanding 4.25% notes due 2025 (Cusip: 500255AU8) with pricing based on the 0.75% U.S. Treasury due March 31, 2026 plus 85 bps;
• $184,355,000 outstanding 4.75% notes due 2023 (Cusip: 500255AT1) with pricing based on the 0.125% U.S. Treasury due Dec. 15, 2023 plus 30 bps; and
• $350 million outstanding 3.25% notes due 2023 (Cusip: 500255AS3) with pricing based on the 0.125% U.S. Treasury due Jan. 31, 2023 plus 25 bps.
Holders who tender prior to the 5 p.m. ET April 9 early tender deadline will receive an early tender premium of $30 per $1,000 of notes tendered.
Notes tendered by the early tender date will have a higher acceptance priority than notes tendered after the early deadline.
If the amount of notes tendered exceeds the maximum acceptance amount, the notes will be subject to proration.
The company said it may, but is under no obligation to, increase the tender cap.
The tender offer is not conditioned on any minimum amount being tendered. However, the offer is conditioned on Kohl’s having issued not less than $400 million of new indebtedness through one or more new debt financing transactions.
The offer will expire at 11:59 p.m. April 23.
BofA Securities, Inc. (980 387-3907, debt_advisory@bofa.com), J.P. Morgan Securities LLC (866 834-4666, 212 834-4045) and Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057) are the dealer managers.
D.F. King & Co., Inc. (212 269-5550, 800 848-2998; kss@dfking.com) is the tender agent and information agent.
Kohl’s is a department store chain based in Menomonee Falls, Wis.
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