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Perfumania acquires Model scents

This article was originally published in The Rose Sheet

Executive Summary

Model Reorg, Inc. - a diversified U.S. wholesale and retail designer fragrance company formerly controlled by family of Glenn and Stephen Nussdorf, its principal shareholders - becomes wholly owned subsidiary of Perfumania Holdings, Inc. under terms of deal announced Aug. 11. "The merger will enable us to pursue future growth strategies, take advantage of the synergies between the two companies, and position ourselves as a large, independent, national, vertically integrated specialty retailer and wholesale distributor of designer perfumes and fragrances," says Michael W. Katz, E Com and Model president and CEO. Model shareholders received 5.9 mil. shares of Perfumania common stock and warrants to acquire an additional 1.5 mil. shares at an exercise price of $23.94. In connection with the merger, Perfumania says it consummated a senior credit facility with General Capital Corporation in the aggregate amount of up to $250 mil., obtained a subordinated loan from Nussdorf family trusts of roughly $55 mil., and agreed to a modification of existing debt owed by Model to an affiliate. In addition to fragrances, Perfumania carries bath and body products, including the Sedona Valley Spa line introduced in January 2006, as well as cosmetics (1"The Rose Sheet" Jan. 23, 2006, p. 10)

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