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Sally Holdings to redeem $705 million of notes with offering proceeds
By Ashley Montgomery
Kansas City, Kan., Nov. 3 - Sally Holdings LLC said it intends to redeem $430 million principal amount of its 9¼% senior notes due 2014 and $275 million principal amount of its 10½% senior subordinated notes due 2016.
The company plans to complete the redemption Dec. 5, according to a company news release.
The redemption will be funded with proceeds from the company's offering, announced in a news release Thursday, of $750 million principal amount of its 6 7/8% senior notes due 2019. The amount of the offering was originally announced at $450 million.
The offering is expected to close Nov. 8 and the proceeds are expected to total $737 million, the release stated.
Sally Holdings is a wholly owned subsidiary of Sally Beauty Holdings, Inc., a Denton, Texas-based retailer and distributor of professional beauty supplies.
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