Kellwood Extends Tender Deadline for Debt Tender Offer Until After Stockholders Decide on Sun Capital's $21 Cash Tender Offer
28 Enero 2008 - 5:12PM
PR Newswire (US)
ST. LOUIS, Jan. 28 /PRNewswire-FirstCall/ -- Kellwood Company
(NYSE:KWD) announced today that it is extending to 5:00 p.m., New
York City time, on February 13, 2008 the early tender deadline and
expiration of its cash tender offer for up to $60,000,000 aggregate
principal amount of its 7.875% Senior Notes due 2009 (the "Notes")
identified in the Offer to Purchase dated January 9, 2008. The
previous early tender deadline was 5:00 p.m., New York City time,
on January 30, 2008 and expiration was midnight, New York City
time, on February 6, 2008. While the Company is extending these
dates, the Company indicated in its January 27, 2008 announcement
that it intends to rescind the debt tender offer and to remove all
impediments to allow the $21 per share cash tender offer made by an
affiliate of Sun Capital Securities Group for all the Company's
shares to close on February 12, 2008 in the event that a majority
of the Company's shares are tendered. As of midnight, New York City
time, on January 27, 2008, $133.7 million principal amount of Notes
had been tendered and not withdrawn pursuant to the debt tender
offer. J.P. Morgan Securities Inc. acts as sole Dealer Manager for
the debt tender offer. Persons with questions regarding the debt
tender offer should contact J.P. Morgan Securities Inc. at (866)
834-4666 (toll-free) and (212) 834-3424 (collect). Requests for the
debt tender offer documents may be directed to Global Bondholder
Services Corporation, the Information Agent for the debt tender
offer, at (212) 430-3774 or (866) 470-3900. The foregoing is
neither an offer to purchase nor a solicitation of an offer to sell
the Notes or any other security. The debt tender offer is made only
by an Offer to Purchase dated January 9, 2008 and the related
Letter of Transmittal, as heretofore amended and as amended hereby.
The original early tender deadline of 5:00 p.m., New York City
time, on January 23, 2008 was extended to 5:00 p.m., New York City
time, on January 30, 2008. Please refer to the Offer to Purchase
and related materials for the terms of the debt tender offer. The
debt tender offer is not being made to holders of Notes in any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction. In any jurisdiction in which the debt tender offer is
required to be made by a licensed broker or dealer, they shall be
deemed to be made by the Dealer Manager on behalf of Kellwood.
About Kellwood Kellwood (NYSE:KWD) is a $1.6 billion leading
marketer of apparel and consumer soft goods. Specializing in
branded products, the Company markets to all channels of
distribution with products and brands tailored to each specific
channel. Kellwood brands include Vince(R), HOLLYWOULD(R), Phat
Farm(R), Baby Phat(R), Sag Harbor(R), Koret(R), Jax(R),
Democracy(R), Sangria(TM), Jolt(R), My Michelle(R), Briggs New
York(R), Hanna Andersson(R), Onesies(R), Kelty(R), Royal Robbins(R)
and Sierra Designs(R). Calvin Klein(R), XOXO(R), David Meister(R),
Gerber(R), and O Oscar, an Oscar de la Renta Company, are produced
under licensing agreements. For more information, visit
http://www.kellwood.com/. MEDIA CONTACT: Donna B. Weaver VP
Corporate Communications 212.329.8072 FINANCIAL CONTACT: Samuel W.
Duggan II VP Investor Relations and Treasurer Kellwood Company
314.576.8580 Joele Frank / Eric Brielmann / Jennifer Schaefer Joele
Frank, Wilkinson Brimmer Katcher 212.355.4449 Allison Malkin
Integrated Corporate Relations 203.682.8225 FORWARD-LOOKING
STATEMENTS This press release contains "forward-looking
statements". The words "believe", "expect", "will", "estimate",
"project", "forecast", "planned", "should", "anticipate" and
similar expressions may identify forward-looking statements.
Although we believe that our expectations reflected in the
forward-looking statements are reasonable, we cannot and do not
give any assurance that such expectations will prove to be correct.
Actual results may differ materially due to risks and uncertainties
that are described in the Company's Form 10-K and other filings
with the SEC. These forward-looking statements, which represent the
Company's expectations concerning future events, are based on
various assumptions and are subject to a number of risks and
uncertainties. These risks include, without limitation: intense
competition in the apparel industry on many fronts, including from
our retail customers' private label or exclusive brand programs;
failing to continually anticipate fashion trends and consumer
tastes; uncertainties regarding consumer confidence and spending
patterns; concentration of our customers; consolidation and change
in the retail industry; performance of our retail customers in
selling our goods; execution of the long-term corporate strategy;
loss of key personnel; continued value of owned and licensed
brands; ability to generate sufficient sales to offset the minimum
royalty payments we must pay with respect to licensed brands;
inability to protect our intellectual property rights; reliance on
independent manufacturers; ability to successfully complete the
restructuring plans; the continued movement in the global location
of lowest cost manufacturing sources; fluctuations in the price,
availability and quality of raw materials; availability of suitable
acquisition candidates; integration of completed acquisitions into
our existing business and the availability of reasonably priced
debt. These factors should be read in conjunction with the risk
factors included in our Annual Report to Stockholders on Form 10-K
for 2006 (the fiscal year ended February 3, 2007) and subsequent
periodic filings. Actual results could differ materially from those
expressed or implied in forward-looking statements. The Company
disclaims any obligation to publicly update or revise any of its
forward-looking statement. DATASOURCE: Kellwood Company CONTACT:
Media, Donna B. Weaver, VP Corporate Communications,
+1-212-329-8072, , or Financial, Samuel W. Duggan II, VP Investor
Relations and Treasurer, +1-314-576-8580, , both of Kellwood
Company; Joele Frank | Eric Brielmann | Jennifer Schaefer of Joele
Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, or Allison
Malkin, Integrated Corporate Relations, +1-203-682-8225, all for
Kellwood Company Web site: http://www.kellwood.com/
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