Oxford Industries gets early tenders for 86.68% of 8 7/8% notes

By Jennifer Chiou

New York, June 30 - Oxford Industries, Inc. announced the early results in the tender offer for any and all of its $166,805,000 principal amount of 8 7/8% senior notes due 2011.

The company is offering par for each note tendered by 5 p.m. ET on June 26, which includes an early tender payment of $30 per $1,000 principal amount for the $144,584,000 of notes tendered by that time.

Oxford added that it accepted the early tenders, representing about 86.68% of the outstanding notes.

Noteholders who tender after that time but before the offer expiration will receive $970 per $1,000 principal amount.

The tender offer will expire at midnight ET on July 13. It began on June 15.

Oxford plans to finance the offer with the proceeds of a new note offering and borrowings under its U.S. revolving credit facility.

The closing of the tender offer is conditioned, among other things, on Oxford's successful completion of the new note offering, which was completed on Tuesday. The company issued $150 million of 11 3/8% senior secured notes due 2015.

Banc of America Securities LLC (888 292-0070 or call collect 980 388-9217) and SunTrust Robinson Humphrey, Inc. (404 813-8107) are the dealer managers. Global Bondholder Services Corp. is the information agent (866 795-2200 or call collect 212 430-3774).

Oxford Industries is an Atlanta-based apparel design, sourcing and marketing company.

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