Leon's and The Brick wrap tenders for C$17.83 million 12% debentures

By Marisa Wong

Madison, Wis., April 10 - Leon's Furniture Ltd. and The Brick Ltd. announced the expiration of The Brick's offer to purchase for cash any and all of its outstanding 12% senior secured debentures due May 30, 2014.

A total of C$17,833,000 principal amount of debentures were tendered to the offer. Payment for the tendered debentures will be made on April 11.

The total cash consideration, including accrued interest, will be C$20,208,453.

The Brick said that as a result of the tender offer, it will have net interest savings of C$623,422 for the remainder of the term of the debentures.

The tender offer began on March 11.

Leon's and The Brick are home furnishings retailers based in Toronto and Edmonton, Alta., respectively. Leon's acquired The Brick in March.

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