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current news

Frederick’s Enters Debt-Solving Agreement

(Filed Under Financial and General Interest News). In an effort to improve its balance sheet, Frederick’s of Hollywood Group Inc. has entered into an agreement to exchange approximately $22.6 million of outstanding debt and preferred stock for approximately $11.3 million in common stock at a 50 percent discount. The company made the agreement using select funds and accounts managed by and affiliated with Fursa Alternative Strategies LLC, a major company shareholder and holder of its outstanding Trance C debt and Series A Preferred Stock. According to Frederick’s of Hollywood, this transaction will increase shareholders’ equity by about $22.6 million.

Thomas Lynch, chairman and chief executive officer of Frederick’s of Hollywood, remarked that “through this transaction […] we will have significantly strengthened our balance sheet by increasing shareholders’ equity […] eliminated further interest and dividend accruals and positioned our company to fully capitalize on our anticipated growth opportunities in the coming year.”

William Harley, chief investment officer of Fursa, stated: “By removing the added pressures that the debt and preferred stock place on the company, Frederick’s of Hollywood will be able to concentrate more of its resources on its business and provide stronger foundation for long-term growth.”

For further information, contact Thomas Rende, chief financial officer of Frederick’s of Hollywood by calling (212) 798-4700.

more Financial and General Interest News >>

Published 02-08-2010 by Amanda Torres Price

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