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Liz Claiborne, Inc. Closes $220 Million Secured High Yield Offering and €128.5 Million Tender Offer
Paul, Weiss client Liz Claiborne, Inc. has closed a Rule 144A/Regulation S offering of $220 million aggregate principal amount of 10.50% senior secured notes due 2019, in which BofA Merrill Lynch acted as lead bookrunning manager. Liz Claiborne used the net proceeds of the offering, which closed on April 7, primarily to fund a European market cash tender offer for up to €155 million of its outstanding €350 million 5.0% notes due 2013, of which €128.5 million were tendered and settled on April 8. Merrill Lynch International acted as lead dealer manager in the tender offer.
The Paul, Weiss team included, among others, corporate partners Thomas de la Bastide and Robert Schumer, and counsel Claudine Meredith-Goujon; tax partner David R. Sicular; real estate partner Mitchell L. Berg; and environmental counsel William J. O'Brien.