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Brookstone gets tenders for 90.74% of 12% notes by cash deadline
By Jennifer Chiou
New York, Oct. 5 - Brookstone, Inc. announced that its wholly owned subsidiary, Brookstone Co., Inc., has marked down tenders from holders of $154,263,000, or 90.74%, of its 12% second-lien secured notes due 2012 prior to the cash tender deadline of 5 p.m. ET on Oct. 1.
The offer expiration time was previously moved for the fourth time, to 5 p.m. ET on Oct. 18 from Sept. 17.
The expiration was originally set for June 4 but was extended to July 16, then to Aug. 13 and subsequently to Sept. 17.
Those tendering after the cash deadline will receive new 13% second-lien senior secured notes due 2014 at the rate of $900 principal amount per $1,000 principal amount of existing notes.
Brookstone also noted that the withdrawal deadline passed on the first of the month.
The company is seeking tenders from holders of an additional $7,237,000 of its notes to make the 95% minimum tender condition, but even if the condition is not satisfied, Brookstone has the right to waive the condition with the consent of holders of 66 2/3% of the existing notes tendered by Oct. 1.
Holders who tender are also submitting consents to amend the note indenture to remove all the covenants and events of default as well as to release the collateral, which is substantially all the assets of Brookstone and its subsidiaries. The company has now reached the needed amount of consents.
Brookstone said that if it acquires the tendered 12% notes, the assets will become collateral for the new notes.
Questions may be directed to Philip Roizin, executive vice president, operations and chief financial officer (603 880-9500).
The Merrimack, N.H., specialty retailer is also soliciting consents to amend the notes.
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