The TJX Companies, Inc., which owns Sierra Trading Post, has priced $750 million in notes it will use to refinance $400 million of higher interest debt and use for working capital and general corpoate purposes.
The notes, which are due in 2012, will bear interest at a rate of 2.75 percent per year beginning June 5, 2014. The company intends to use net proceeds from their sale to redeem notes with a face value of $400 million that are paying 4.200 percent and are due Aug. 15, 2015. The new notes are expected to be placed on June 5, 2014, subject to customary closing conditions.
The TJX Companies. operated a total of 3,256 stores in six countries, the United States, Canada, the United Kingdom, Ireland, Germany, and Poland, and three e-commerce sites as of May 3, including 1,085 T.J. Maxx, 947 Marshalls, 458 HomeGoods and 4 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com, in the United States; 230 Winners, 92 HomeSense, and 32 Marshalls stores in Canada; and 380 T.K. Maxx and 28 HomeSense stores, as well as tkmaxx.com, in Europe.
