ATLANTA, June 15 /PRNewswire-FirstCall/ -- Oxford Industries, Inc. ('Oxford') announced today that it has commenced a cash tender offer for any and all of its $166,805,000 aggregate principal amount of its 8-7/8% Senior Notes due 2011, CUSIP No. 691497AC5 (the 'Notes').
The tender offer will expire at 12:00 midnight, New York City time, on July 13, 2009, unless extended or earlier terminated (the 'Expiration Date'). Holders who validly tender their Notes prior to 5:00 p.m., New York City time, on June 26, 2009, unless extended or earlier terminated (the 'Early Tender Date'), will be entitled to receive $1,000, payable in cash, for each $1,000 principal amount of Notes accepted for payment, which amount includes an early tender payment of $30 per $1,000 principal amount. Notes tendered on or prior to the Early Tender Date are expected to receive payment on the initial payment date which is expected to be promptly following satisfaction or waiver of the conditions to the offer. Oxford may accept Notes for payment after the Early Tender Date but prior to the Expiration Date. If Oxford elects to have early acceptance and payment dates, it will accept all Notes validly tendered prior to the early acceptance date. Holders who validly tender their Notes after the Early Tender Date but on or prior to the Expiration Date will receive $970 per $1,000 principal amount of Notes accepted for purchase. Notes tendered after the Early Tender Date but before the Expiration Date are expected to receive payment on the final payment date which is expected to be promptly following expiration of the offer. The early acceptance and payment feature is at the option of Oxford and the early acceptance date and final acceptance date could be the same date, and the initial payment date and final payment date could be the same date. Holders of Notes accepted for purchase will receive accrued and unpaid interest up to, but not including, the applicable payment date.
Oxford intends to finance the tender offer with the net cash proceeds of a new notes offering together with borrowings under its U.S. revolving credit facility. The closing of the tender offer will be conditioned, among other things, on Oxford's successful completion of a new notes offering.
