Nine West Holdings, Inc. announced the expiration and final results of the previously announced private offer to certain eligible holders to exchange (the "Exchange Offer") any and all of the outstanding 6.875% Senior Notes due 2019 (CUSIP No. 48020 UAA6) (the "Old Notes") of The Jones Group Inc., Jones Apparel Group Holdings, Inc., Jones Apparel Group USA, Inc. and JAG Footwear, Accessories and Retail Corporation, for a new series of 8.250% Senior Notes due 2019 (the "New Notes") of the Company.
The Exchange Offer was made in connection with the acquisition of The Jones Group Inc. by entities affiliated with Sycamore Partners, L.P. The Company is the surviving corporation and obligor on the New Notes. The Exchange Offer expired at 11:59 p.m., New York City time, on April 18, 2014 (the "Expiration Date"). As of the Expiration Date, the Company received valid tenders from holders of $366,776,000 in aggregate principal amount of the Old Notes, representing 91.69% of the outstanding principal amount of the Old Notes. The Company has accepted all the Old Notes validly tendered and not validly withdrawn as of the Expiration Date.
Eligible holders of the Old Notes who tendered prior to 5:00 p.m., New York City time, on April 4, 2014, which was the "Early Participation Deadline" for the Exchange Offer, will receive $1,000 principal amount of New Notes in exchange for each $1,000 principal amount of related Old Notes, which includes the early participation consideration of $30 principal amount of New Notes for each $1,000 principal amount of Old Notes. Eligible Holders who tendered their Old Notes after the Early Participation Deadline and prior to the Expiration Date will receive $970 principal amount of New Notes in exchange for each $1,000 principal amount of related Old Notes tendered. The settlement date of the Exchange Offer is expected to occur on April 23, 2014.
