The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Announces Extension of Expiration Date of Tender Offer for 4.250% Senior Notes Due 2009
NEW YORK, May 12 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
("Jones") (NYSE: JNY) announced today that it, Jones Apparel Group Holdings,
Inc., Jones Apparel Group USA, Inc., Nine West Footwear Corporation and Jones
Retail Corporation (together, the "Issuers") have further extended the
expiration date of their previously announced tender offer for their
outstanding 4.250% Senior Notes due 2009 (the "2009 Notes") to 9:00 a.m., New
York City time, on May 13, 2009, unless further extended or earlier terminated
by the Issuers (such time and date, as the same may be further extended or
earlier terminated, the "Tender Expiration Date").
As of 10:00 a.m., New York City time, on May 12, 2009, the Issuers had
received tenders with respect to $242,518,000 principal amount, or
approximately 97% of the aggregate principal amount, of the outstanding 2009
Notes pursuant to the tender offer.
Holders who have not previously tendered their 2009 Notes and wish to
receive the Tender Offer Consideration (as defined below) for the 2009 Notes
must validly tender and not validly withdraw their 2009 Notes on or prior to
the Tender Expiration Date. Holders who have previously tendered 2009 Notes
do not need to re-tender their 2009 Notes or take any other action in response
to this extension.
The consideration for each $1,000 principal amount of 2009 Notes validly
tendered and accepted for payment pursuant to the tender offer is $980 (the
"Tender Offer Consideration"), plus accrued and unpaid interest from the last
interest payment date to, but excluding, the settlement date for 2009 Notes
purchased pursuant to the tender offer.
The tender offer is being made upon the terms and subject to the
conditions set forth in the Offer to Purchase dated April 1, 2009 (the "Offer
to Purchase"), the Supplement to the Offer to Purchase dated April 3, 2009
(the "Supplement") and the related Letter of Transmittal. Except for the
extension of the Tender Expiration Date, the terms of the tender offer remain
unchanged. The Offer to Purchase, the Supplement and the related Letter of
Transmittal contain important information which should be read carefully
before any decision is made with respect to the tender offer.
Citi has been retained to serve as the Lead Dealer Manager for the tender
offer and can be contacted at (800) 558-3745 (toll-free) and (212) 723-6106
(collect). Banc of America Securities LLC, J.P. Morgan and Wachovia
Securities have been retained to serve as the Co-Dealer Managers for the
tender offer. Global Bondholder Services Corporation is the Information Agent
and the Depositary for the tender offer and can be contacted at (866) 937-2200
(toll-free) or (212) 430-3774 (collect).
This release is for informational purposes only and is neither an offer to
purchase, a solicitation to sell the 2009 Notes nor a recommendation regarding
the tender offer. Holders should seek legal advice from an independent
financial advisor as to the suitability of the transactions described herein
for the individual concerned. The tender offer is not being made to holders
of 2009 Notes in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other laws of such
About Jones Apparel Group, Inc.
Jones Apparel Group, Inc. is a Pennsylvania corporation. Our principal
executive offices are located at 1411 Broadway, New York, NY 10018, and our
telephone number at that address is (212) 642-3860. We are a leading
designer, marketer and wholesaler of branded apparel, footwear and
accessories. We also market directly to consumers through our chain of
specialty retail and value-based stores and through our e-commerce web sites.
Our nationally recognized brands include Jones New York, Nine West, Anne
Klein, Gloria Vanderbilt, Kasper, Bandolino, Easy Spirit, Evan-Picone, l.e.i.,
Energie, Enzo Angiolini, Joan & David, Mootsies Tootsies, Sam & Libby, Napier,
Judith Jack, Albert Nipon and Le Suit. We also market costume jewelry under
the Givenchy brand licensed from Givenchy Corporation, footwear under the
Dockers Women brand licensed from Levi Strauss & Co., and apparel under the
Rachel Roy brand licensed from Rachel Roy IP Company, LLC. Each brand is
differentiated by its own distinctive styling, pricing strategy, distribution
channel and target consumer. We contract for the manufacture of our products
through a worldwide network of quality manufacturers. We have capitalized on
our nationally known brand names by entering into various licenses for several
of our trademarks, including Jones New York, Anne Klein New York, Nine West,
Gloria Vanderbilt, l.e.i. and Evan-Picone, with select manufacturers of
women's and men's products which we do not manufacture. For more than 30
years, we have built a reputation for excellence in product quality and value,
and in operational execution.
This release may contain forward-looking statements. Actual results and
facts may differ materially as a result of a variety of factors, many of which
are outside of our control. Risk factors and additional information are
included in our reports on file with the Securities and Exchange Commission,
including Jones' Annual Report on Form 10-K for the year ended December 31,
SOURCE Jones Apparel Group, Inc.
/CONTACT: Investors, John T. McClain, Chief Financial Officer, Jones
Apparel Group, Inc., +1-212-642-3860; or Media, Joele Frank and Sharon Stern,
both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449/
/Web Site: http://www.jonesapparel.com /
CO: Jones Apparel Group, Inc.
ST: New York
IN: REA FAS TEX
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9482 05/12/2009 14:40 EDT http://www.prnewswire.com