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Clair’s Stores Sells $450M In Notes

Claire’s Stores has raised a total of $450 million in a sale of senior secured notes.

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.

Click here for the release from PR Newswire.

Click here for additional coverage from Reuters.

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