This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Bon-Ton Stores, Inc. Announces Results To Date Of Exchange Offer And Consent Solicitation

Stocks in this article: BONT

The Bon-Ton Stores, Inc. (NASDAQ: BONT) (“Bon-Ton”) today announced the interim results of the offer by The Bon-Ton Department Stores, Inc. (the “Issuer”), a wholly-owned subsidiary of Bon-Ton, to exchange any and all of its outstanding 10¼% Senior Notes due 2014 (CUSIP Nos. 09776NAB8 and 09776NAA0, ISIN USU09818AA04) (the “Old Notes”) for newly issued 10⅝% Second Lien Senior Secured Notes due 2017 (the “New Notes”), upon the terms and conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement dated June 4, 2012 (the “Exchange Offer”). As of 5:00 p.m., New York City time, on June 15, 2012 (the “Early Deadline”), a total of approximately $329.4 million principal amount of Old Notes had been tendered in the Exchange Offer, representing approximately 71.0% of the outstanding Old Notes.

In conjunction with the Exchange Offer, the Issuer is soliciting consents (the “Consent Solicitation”) to amend the indenture governing the Old Notes. Based on results to date, consents from holders of a majority of the Old Notes were received. Accordingly, New Notes (and not interests in new second lien secured loans) will be delivered in exchange for Old Notes tendered in the Exchange Offer.

For any Old Notes tendered and accepted after the Early Deadline and prior to the “Expiration Time”, which is 12:00 midnight, New York City time, on July 3, 2012 (unless extended), eligible holders will receive $970 in principal amount of New Notes per $1,000 principal amount of Old Notes. Eligible holders whose tendered Old Notes are accepted for exchange will also receive accrued and unpaid interest in cash on the exchanged Old Notes through, but not including, the settlement date for the Exchange Offer.

The Issuer has not extended the withdrawal deadline for tenders of Old Notes and holders no longer have right to withdraw any Old Notes previously tendered or any Old Notes tendered through the Expiration Time. Consummation and settlement of the Exchange Offer is expected to occur within three business days after the Expiration Time.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,364.64 -314.06 -1.78%
S&P 500 2,032.74 -24.35 -1.18%
NASDAQ 4,696.2230 -75.54 -1.58%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs