Phillips-Van Heusen gets consents needed to amend 7¼%, 8 1/8% notes

By Angela McDaniels

Tacoma, Wash., April 20 - Phillips-Van Heusen Corp. had received tenders and consents from the holders of approximately 67% of its $150 million 7¼% senior notes due 2011 and approximately 90% of its $150 million of its 8 1/8% notes due 2013 as of 5 p.m. ET on April 20, which was the consent deadline in a tender offer and consent solicitation that began April 7.

The consents are enough to amend the indentures for each series of notes to eliminate substantially all of the restrictive covenants and eliminate all events of default other than those relating to the failure to pay principal and interest and to comply for 60 days after notice with the covenants, obligations, warranties or agreements contained in the indentures after giving effect to the proposed amendments.

The company is offering $1,002.50 per $1,000 principal amount of 7¼% notes and $1,016.04 per $1,000 principal amount of 8 1/8% notes.

Both figures include a consent payment of $30.00. The offers were amended so that all holders will receive this payment. Prior to the change, only holders who tendered with consents by the consent deadline were to receive the payment.

The tenders end at midnight ET on May 4.

Phillips-Van Heusen will also pay accrued interest up to but excluding the payment date.

To amend the indentures, the company needed consents for a majority of each series of notes.

Holders who tender are required to deliver consents, and consents may not be given without tendering.

Conditions to the offers include that a majority of each series of notes is tendered, that all conditions for the completion of the acquisition of Tommy Hilfiger BV by Phillips-Van Heusen be met, proceeds from acquisition financing be received and the supplemental indentures be executed.

Barclays Capital Inc. (800 438-3242 or call collect 212 528-7581) is the dealer manager and solicitation agent. D.F. King & Co. (800 487-4870, banks and brokers call 212 269-5550) is the depositary and information agent.

Phillips-Van Heusen is a New York-based apparel company.

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