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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 Storeshas 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 byClaire’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 wereCredit Suisse,JP Morgan,Goldman SachsandMorgan Joseph TriArtisan, addsReuters.

    Click here for the release fromPR Newswire.

    Click here for additional coverage fromReuters.

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