Yankee Candle seeks to redeem 9¾% notes, 10¼%/11% notes in June

By Susanna Moon

Chicago, May 24 - Yankee Candle Co., Inc. said it plans to redeem all $188 million outstanding principal amount of its 9¾% senior subordinated notes due 2017.

YCC Holdings LLC and Yankee Finance, Inc. plan to redeem all $315 million outstanding principal amount of their 10¼%/11% senior notes due 2016, according to a company press release.

The redemption date has been scheduled for June 24.

The redemption of each series of notes is conditioned on the following:

• Amendment of Yankee Candle's $175 million senior secured asset-based credit facility to allow obtaining a new term loan facility and the issuance of new senior notes by Yankee Candle;

• Proceeds of at least $1.4 billion from borrowings under a new term loan facility and the issuance of the new senior notes; and

• Completion of the other redemption and the repayment of Yankee Candle's term loan facility.

Yankee Candle is a South Deerfield, Mass.-based designer, manufacturer, wholesaler and retailer of scented candles.

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