Tommy Hilfiger U.S.A., Inc. Announces Extension of Consent Solicitation Deadline and Expiration Time and Increased Consideratio
April 24 2006 - 9:06AM
PR Newswire (US)
NEW YORK, April 24 /PRNewswire-FirstCall/ -- Tommy Hilfiger U.S.A.,
Inc. (the "Company"), a wholly owned subsidiary of Tommy Hilfiger
Corporation (NYSE: TOM), announced today that, in connection with
its previously announced tender offer and consent solicitation (the
"Offer") for any and all of its outstanding principal amount of
6.85% Notes due 2008 (the "2008 Notes"), it has amended the total
consideration to be paid for 2008 Notes accepted for payment
pursuant to the terms of the Offer. The Company is now increasing
the total consideration by amending the fixed spread used to
determine the total consideration with respect to each 2008 Note
from 50 basis points to 25 basis points. The Offer is being
conducted in connection with the previously announced agreement to
merge Tommy Hilfiger Corporation with an affiliate of funds advised
by Apax Partners, a leading global private equity firm (the
"Merger"). Further, the Company has extended the Consent Deadline
and Expiration Time (as such terms are defined in the Offer to
Purchase and Consent Solicitation Statement dated April 7, 2006
(the "2008 Notes Statement")) with respect to the Offer. The new
Consent Deadline is 5:00 p.m., New York City time, on April 27,
2006, unless otherwise extended by the Company. The new Expiration
Time is 5:00 p.m., New York City time, on May 9, 2006, unless
otherwise extended or terminated by the Company. The date that the
price will be determined with respect to the Offer will be 2:00
p.m., New York City time, on April 28, 2006. Holders who have
previously tendered 2008 Notes do not need to re-tender their 2008
Notes or take any other action in response to this extension to be
eligible to receive the increased total consideration. The
withdrawal deadline for the 2008 Notes expired at 5:00 p.m., New
York City time, on April 20, 2006. Accordingly, holders may no
longer withdraw any 2008 Notes previously or hereafter delivered or
revoke any consents previously or hereafter delivered, except in
the limited circumstances described in the 2008 Notes Statement.
Except for the amendment to the total consideration and the
extension of the Consent Deadline and Expiration Time as described
above, the 2008 Notes Statement remains in full force and effect.
As of 5:00 p.m., New York City time, on Friday, April 21, 2006, the
Company had received tenders of the 2008 Notes and related consents
in the following amounts: Title of CUSIP Number Principal Amount
Percentage of Security Tendered Outstanding Principal Amount of
Series 6.85% Notes 430908AB9 $79,823,000 41.47% due 2008 For
further information with respect to the tender offers and consent
solicitations, holders should contact their broker and/or the
Dealer Manager, Citigroup Corporate and Investment Banking, at
(212) 723-6106 (collect) or (800) 558-3745 (toll free) or the
Information Agent, Global Bondholder Services Corporation, at (212)
430-3774 (collect) or (866) 389-1500 (toll free). This announcement
is not an offer to purchase, a solicitation of an offer to purchase
or sell or a solicitation of consents with respect to any
securities. The Offer is being made solely on the terms and subject
to the conditions set forth in the 2008 Notes Statement,
respectively, and the accompanying Letters of Transmittal and
Consent. None of the Company, Tommy Hilfiger Corporation, Citigroup
Corporate and Investment Banking, Global Bondholder Services
Corporation or any of their respective affiliates makes any
recommendation in connection with the Offer. Each holder must make
his or her own decision as to whether to tender 2008 Notes and
thereby deliver consents to the proposed amendments to the related
indenture and, if so, as to how many 2008 Notes to tender. In those
jurisdictions where the securities, blue sky or other laws require
tender offers and consent solicitations to be made by a licensed
broker or dealer, the Offer shall be deemed to be made on behalf of
the Company by Citigroup Corporate and Investment Banking or one or
more registered brokers or dealers licensed under the laws of such
jurisdiction. In the United Kingdom, this announcement is directed
only to persons who (i) are persons falling within Article 19(5)
("Investment professionals") of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (as amended, the
"Financial Promotion Order"), (ii) are persons falling within
Article 49(2)(a) to (d) ("High net worth companies, unincorporated
associations, etc.") of the Financial Promotion Order, (iii) are
outside the United Kingdom, (iv) are persons falling within Article
43(1)(b) of the Financial Promotion Order ("Members and creditors
of certain bodies corporate"), or (v) are persons to whom an
invitation or inducement to engage in investment activity (within
the meaning of section 21 of the Financial Services and Markets Act
2000) in connection with the issue or sale of any Securities may
otherwise lawfully be communicated or caused to be communicated
(all such persons together being referred to as "relevant
persons"). The offering documents are directed only at relevant
persons and must not be acted on or relied on by persons who are
not relevant persons. Any investment or investment activity to
which the offering documents relates is available only to relevant
persons and will be engaged in only with relevant persons. Tommy
Hilfiger U.S.A., Inc., incorporated in Delaware, is a direct wholly
owned subsidiary of Tommy Hilfiger Corporation. Tommy Hilfiger
Corporation, through its subsidiaries, designs, sources and markets
men's and women's sportswear, jeanswear and childrenswear. Tommy
Hilfiger Corporation's brands include Tommy Hilfiger and Karl
Lagerfeld. Through a range of strategic licensing agreements, Tommy
Hilfiger Corporation also offers a broad array of related apparel,
accessories, footwear, fragrance, and home furnishings. Tommy
Hilfiger Corporation's products can be found in leading department
and specialty stores throughout the United States, Canada, Europe,
Mexico, Central and South America, Japan, Hong Kong, Australia and
other countries in the Far East, as well as the Tommy Hilfiger
Corporation's own network of outlet and specialty stores in the
United States, Canada and Europe. Safe Harbor Statement Statements
made by the Company and Tommy Hilfiger Corporation that are not
historical are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements are
indicated by words or phrases such as "anticipate," "estimate,"
"project," "expect," "believe" and similar words or phrases. Such
statements are based on current expectations and are subject to
certain risks and uncertainties, many of which are beyond our
control including, but not limited to, the overall level of
consumer spending on apparel; the financial strength of the retail
industry generally and Tommy Hilfiger Corporation's customers,
distributors, and licensees in particular; changes in trends in the
market segments and geographic areas in which Tommy Hilfiger
Corporation competes; the level of demand for Tommy Hilfiger
Corporation products; actions by our major customers or existing or
new competitors; the effect of Tommy Hilfiger Corporation's
strategy to reduce U.S. distribution in order to bring supply and
demand into balance; changes in currency and interest rates;
changes in applicable tax laws, regulations and treaties; changes
in economic or political conditions or trade regulations in the
markets where Tommy Hilfiger Corporation sells or sources its
products; the effects of any consolidation of Tommy Hilfiger
Corporation's facilities and actions to reduce selling, general and
administrative expenses; the ability to satisfy closing conditions
in connection with Tommy Hilfiger Corporation's merger agreement;
the outcome of the class action lawsuits against Tommy Hilfiger
Corporation and Tommy Hilfiger Corporation's discussions with the
Hong Kong Inland Revenue Department and other tax authorities and
the financial statement impact of such matters; as well as other
risks and uncertainties set forth in Tommy Hilfiger Corporation's
publicly-filed documents, including this press release and Tommy
Hilfiger Corporation's Annual Report on Form 10-K for the fiscal
year ended March 31, 2005. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those
anticipated, estimated or projected. Tommy Hilfiger Corporation
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. In connection with the proposed Merger
with funds advised by Apax Partners, Tommy Hilfiger Corporation has
filed a definitive proxy statement and other relevant documents
concerning the proposed Merger with the Securities and Exchange
Commission. Its shareholders are urged to read the definitive proxy
statement and other relevant documents carefully, because they
contain important information. Tommy Hilfiger Corporation's
shareholders may obtain, free of charge, a copy of the definitive
proxy statement and other documents filed by Tommy Hilfiger
Corporation with the Securities and Exchange Commission at the
Securities and Exchange Commission's website, http://www.sec.gov/.
In addition, documents filed with the Securities and Exchange
Commission by Tommy Hilfiger Corporation are available free of
charge from Tommy Hilfiger Corporation. Tommy Hilfiger Corporation
and its directors and executive officers and certain other of its
employees may be soliciting proxies from shareholders of Tommy
Hilfiger Corporation in favor of the proposed transaction.
Information concerning the participants in the proxy solicitation
is included in the definitive proxy statement filed by Tommy
Hilfiger Corporation with the Securities and Exchange Commission.
CONTACT: Investor Relations: Public Relations: Valerie Martinez
Kekst & Company: (212) 549-6780 Ruth Pachman/Wendi Kopsick
(212) 521-4891/4867 BONDHOLDERS CONTACT: For the Dealer Manager:
For the Information Agent: Citigroup Corporate and Global
Bondholder Investment Banking Services Corporation (212) 723-6106
(collect) (212) 430-3774 (collect) (800) 558-3745 (toll-free) (866)
389-1500 (toll-free) DATASOURCE: Tommy Hilfiger U.S.A., Inc.
CONTACT: Investor, Valerie Martinez, +1-212-549-6780, or Public,
Ruth Pachman, +1-212-521-4891, or Wendi Kopsick, +1-212-521-4867,
both of Kekst & Company; BONDHOLDERS, For the Dealer Manager:
Citigroup Corporate and Investment Banking, +1-212-723-6106
(collect), +1-800-558-3745 (toll-free), or For the Information
Agent, Global Bondholder Services Corporation, +1-212-430-3774
(collect), +1-866-389-1500 (toll-free) Web site:
http://www.tommy.com/
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