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Toys 'R' Us to redeem all 10¾% senior notes on Aug. 21 at 105.375
By Marisa Wong
Madison, Wis., July 23 - Toys 'R' Us Property Co. I, LLC, a wholly owned subsidiary of Toys 'R' Us, Inc., plans to redeem its 10¾% senior notes due 2017 in full on Aug. 21, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be redeemed at 105.375% of par plus accrued interest to the redemption date.
The company is expected to deliver redemption notices to holders on July 23.
Toys 'R' Us announced on Monday that it planned to refinance the 10¾% notes by commencing a syndication of a new senior unsecured term loan. The company scheduled a meeting with potential lenders for Tuesday.
The redemption is conditioned upon the receipt of proceeds from the refinancing or other sources and is subject to market conditions, the company noted.
The toy retailer is based in Wayne, N.J.
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