In a recent filing with the Securities and Exchange Commission, Abercrombie & Fitch Co. announced the redemption of all its outstanding 8.75% Senior Secured Notes due 2025. The notice, issued today, states that the redemption is scheduled for July 15, 2024, and will cover the entire aggregate principal amount of $213,906,000.
The redemption price for the notes is set at 100% of the principal amount, in addition to accrued and unpaid interest up to but not including the redemption date. This move is in compliance with the terms and conditions outlined in the indenture governing the notes.
The notice served as an irrevocable commitment by Abercrombie & Fitch Management Co., an indirect wholly-owned subsidiary of Abercrombie & Fitch Co., and is not intended as an offer to buy or a solicitation of an offer to sell any notes. Furthermore, the company stressed that the current report is purely informational and should not be seen as an offer or sale in any jurisdiction where such an action would be unlawful without proper registration or qualification under the securities laws of that jurisdiction.
The company, headquartered in New Albany, Ohio, is known for its retail operations in the family clothing store sector. The early redemption of these senior secured notes could indicate Abercrombie & Fitch's financial strategy or position, although the specific reasons for the redemption were not disclosed in the filing.
This financial decision by Abercrombie & Fitch comes as the retail industry continues to adapt to the changing economic landscape and consumer habits. The information provided in this article is based solely on the SEC filing by Abercrombie & Fitch.
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