The TJX Companies, Inc. Prices $375 Million Notes Offering
FRAMINGHAM, Mass.--(BUSINESS WIRE)--The TJX Companies, Inc. (NYSE:TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced the pricing of the public offering of $375 million aggregate principal amount of notes due 2019. The notes will bear interest at a rate of 6.950 percent per annum, beginning April 7, 2009, with semi-annual payments commencing October 15, 2009. The net proceeds from the sale of the notes will be used to redeem TJX's zero coupon convertible subordinated notes due in February 2021, or, to the extent any such notes are converted to shares of common stock pursuant to their terms prior to redemption, to repurchase shares of common stock under TJX's stock repurchase program. These expenditures to repurchase shares would be in addition to TJX's previously announced expectations for stock repurchases in the fiscal year ending January 30, 2010. Any remaining portion of the net proceeds from the sale of the notes will be used for working capital and other general corporate purposes. Closing is expected to occur on or about April 7, 2009.
Banc of America Securities LLC, J.P. Morgan Securities Inc. and RBS Securities Inc. are acting as joint book-running managers. Ropes & Gray LLP is acting as counsel to The TJX Companies, Inc. This offering was made under an effective registration statement on file with the Securities and Exchange Commission. This press release is not an offer to sell nor is it an offer to buy any securities. Any offers to sell, or solicitations to buy, will be made solely by means of a prospectus and related prospectus supplement filed with the Securities and Exchange Commission. Copies of the prospectus and prospectus supplement relating to the notes may be obtained for free by visiting EDGAR on the Securities and Exchange Commission website at http://www.sec.gov. Alternatively, copies of the prospectus and prospectus supplement may be obtained from any of the joint book-running managers by contacting Banc of America Securities LLC, 100 W. 33rd Street, 3rd floor, New York, NY 10001, (800) 294-1322; J.P. Morgan Securities Inc., 270 Park Avenue, New York, NY 10017-2014, (212) 834-4533; or RBS Securities Inc., 600 Steamboat Road, Greenwich, CT 06830, (866) 884-2071.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 874 T.J. Maxx, 806 Marshalls, 318 HomeGoods, and 135 A.J. Wright stores in the United States. In Canada, the Company operates 200 Winners, 75 HomeSense, and 2 STYLESENSE stores, and in Europe, 234 T.K. Maxx and 7 HomeSense stores. TJX’s press releases and financial information are also available on the Internet at www.tjx.com. The Company routinely posts information that may be important to investors in the Investor Information section at www.tjx.com. The Company encourages investors to consult that section of its website regularly.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: effects of current economic environment; matters relating to the computer intrusion(s) including potential losses that could differ from our reserve, potential effects on our reputation and sales, compliance with orders, and other consequences to the value of our Company and related value of our stock; our ability to successfully expand our store base and increase comparable store sales; risks of expansion and costs of contraction; risks inherent in foreign operations; our ability to successfully implement our opportunistic buying strategies and to manage our inventories effectively; successful advertising and promotion; consumer confidence, demand, spending habits and buying preferences; effects of unseasonable weather; competitive factors; availability of store and distribution center locations on suitable terms; our ability to recruit and retain associates; factors affecting expenses; success of our acquisition and divestiture activities; our ability to successfully implement technologies and systems and protect data; our ability to continue to generate adequate cash flows; our ability to execute our share repurchase program; availability and cost of financing; general economic conditions, including fluctuations in the price of oil; potential disruptions due to wars, natural disasters and other events beyond our control; changes in currency and exchange rates; issues with merchandise quality and safety; import risks; adverse outcomes for any significant litigation; compliance with and changes in laws and regulations and accounting rules and principles; adequacy of reserves; asset impairments and other charges; closing adjustments; failure to meet market expectations; and other factors that may be described in our filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized.
