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American Apparel, Inc. Message Board

  • bigottimista bigottimista Mar 29, 2013 1:07 PM Flag

    American Apparel Prices Offering of $206 Million of Senior Secured Notes

    03/28 08:19 PM - LOS ANGELES--(BUSINESS WIRE)-- American Apparel, Inc. announced today the pricing of $206,000,000 aggregate principal amount of its 13.0% Senior Secured Notes due 2020 (collectively, the “Notes”). The Notes will be issued at 97% of par. The Company intends to use the net proceeds from the offering of the Notes, together with borrowings under a new asset-backed revolving credit facility, to repay in full and terminate our credit facilities with Lion Capital, LLC and Crystal Financial LLC and, to the extent any proceeds are remaining, for general corporate purposes. The Company anticipates that the closing of the offering will take place on or about April 4, 2013, subject to customary closing conditions, including the concurrent closing of the new asset-backed revolving credit facility. The Notes will be the senior secured obligations of the Company and will be guaranteed, on a senior secured basis, by the Company’s domestic restricted subsidiaries, subject to some exceptions.

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