Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), worldwide leader in the eyewear sector, today announced details of its plan to optimize the debt structure resulting from its acquisition of Cole National Corporation.
Cole National Group, Inc., a wholly owned subsidiary of Cole National Corporation, has launched today a cash tender offer and consent solicitation for any and all of its outstanding US$150 million 8 7/8 percent Senior Subordinated Notes due 2012. The tender price for the 2012 Notes will be determined as a result of the tender offer process outlined in the Offer to Purchase and Consent Solicitation sent by Cole National Group to its bondholders. Luxottica Group will update the market with the tender price as soon as it is determined.
Luxottica Group has also determined to cause Cole National Group to redeem its US$125 million 8 5/8 percent Senior Subordinated Notes due 2007 at the redemption price of 101.4375 percent, pursuant to the terms of the Notes' indenture.
Each transaction will include a change of control offer as required by the respective indentures.
Luxottica Group expects to finance the two transactions with existing and available credit facilities. The two series of Notes represent all of Cole National's outstanding high-yield debt.
Additional information for Cole National Group's noteholders
Additional information on the terms of the tender offer for the 2012 Notes is available from Goldman, Sachs & Co. and ABN AMRO Incorporated as Dealer Managers and Solicitation Agents. Noteholders may also request documents directly from MacKenzie Partners, Inc., the Information Agent, at (800) 322-2885 (US toll-free) or by email at email@example.com. Questions regarding the tender offer and consent solicitation may be directed to Goldman, Sachs & Co. at (800) 828-3182 (US toll-free) or +1 (212) 357-5680, or ABN AMRO Incorporated at (866) 409-7643 (US toll-free) or +1 (212) 409-6255. This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any securities. The tender offer, the consent solicitation and the related change of control offer are being made solely by Cole National Group's Offer to Purchase and Consent Solicitation Statement dated October 18, 2004.