CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--HT Intermediate Holdings Corp. (the “Company”), the indirect parent company of Hot Topic, Inc. (“Hot Topic”), today announced that it redeemed its $110,000,000 aggregate principal amount of 12%/12.75% Senior PIK Toggle Notes due 2019 (the “Notes”).
The redemption price of the Notes was equal to 101.5% of the principal amount of the notes redeemed, plus accrued and unpaid interest thereon.
The total cost of the redemption of the Notes of approximately $112.0 million was funded through (i) the sale by the Company to an affiliate of Sycamore Partners of $110.0 million of the Company’s perpetual, non-redeemable 13% PIK preferred stock, and (ii) $2.0 million of cash provided by Hot Topic.
This press release shall not constitute a notice of redemption of the Notes.
HT Intermediate Holdings Corp.
HT Intermediate Holdings Corp. is the indirect parent company of Hot Topic, Inc. Hot Topic, Inc. is a mall- and web-based specialty retailer of music/pop culture-influenced and licensed apparel and accessories targeting 18- to 24-year-old men and women.