Claire’s Stores has raised a total of $450 million in a sale of senior secured notes. The bonds, which carry a coupon of 8.87%, will mature on March 15, 2019. The second lien notes will initially be issued by Claire’s Escrow, a wholly-owned subsidiary of the Illinois-based retailer.
The company will use the net proceeds of the offering to reduce outstanding indebtedness under its current credit facility. The joint book-running managers for the sale were Credit Suisse, JP Morgan, Goldman Sachs and Morgan Joseph TriArtisan, adds Reuters.
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