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Arden tender offer

This article was originally published in The Rose Sheet

Executive Summary

Elizabeth Arden commences cash tender offer and consent solicitation Dec. 24 for the $104 mil. outstanding principal of its 11.75% senior secured notes due 2011. Offer will expire at midnight on Jan. 22. Company also calls for redemption of $20 mil. aggregate principal amount of its 10.38% senior secured notes due 2007. Initiatives will be funded by private placement of debt securities, which the firm will undertake in January, Arden states. Tender offer is contingent on Arden receiving consent agreements from holders representing at least 85% of the aggregate principal amount by Jan. 7. Holders who tender on or before the consent date will receive $1,200 for every $1,000 principal amount tendered. Those who tender after that date will receive $1,180 per $1,000 principal amount...
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