Brown Shoe Company, Inc. has consummated its private placement offering of $200 million aggregate principal amount of its 7.12 percent senior notes due 2019 and the early settlement of its previously announced cash tender offer and consent solicitation with respect to its outstanding 8.75 percent senior notes due 2012.
Brown Shoe used a portion of the net proceeds from the sale of the New Notes to fund the payment of consideration and costs relating to the Offer. As of 5:00 p.m. ET on May 10, 2011, $99,218,000 aggregate principal amount of Old Notes had been validly tendered and not withdrawn, which represented approximately 66.15 percent of the outstanding aggregate principal amount of the Old Notes. On May 11, 2011, Brown Shoe accepted for purchase and payment all of the Old Notes that were validly tendered at or prior to the Consent Date. Payment for the Old Notes pursuant to the Early Settlement was made today.
Holders of Old Notes who tendered their Old Notes at or prior to the Consent Date received $1,003.75 for each $1,000 principal amount of the Old Notes validly tendered, which included the consent payment of $10.00 per $1,000 principal amount of Old Notes, plus any accrued and unpaid interest up to, but not including, the Early Settlement Date.
