Designer Holdings announces offering of Convertible Trust Originated Preferred Securities.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY--(BUSINESS WIRE)--September 30, 1996--Designer Holdings Ltd. (the "Company") (NYSE NYSE See: New York Stock Exchange :DSH DSH Disproportionate Share Hospital DSH Domestic Short Hair (cat) DSH Deliberate Self-Harm DSH Desperately Seeking Help (USENET) DSH Dyschromatosis Symmetrica Hereditaria ) announced today that it has filed a Registration Statement with the Securities and Exchange Commission for an offering of $100 million of Convertible Trust Originated Preferred Securities ("Convertible TOPrS"). The Convertible TOPrS will represent undivided beneficial interests in the assets of Designer Finance Trust, a Delaware Business Trust, which will invest the proceeds of the Offering in an equivalent amount of convertible Subordinated Debentures due 2016 of the Company. The Company will own all of the Common Securities of the Trust. The Convertible TOPrS will be convertible at the option of the holders thereof into common stock of the Company. The Company intends to use the proceeds from the offering to repay term and revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. indebtedness. The Company intends to reborrow under its revolving credit facility to fund the costs of obtaining a 30-year license to produce and distribute DKNY DKNY Donna Karan New York Jeanswear label on a worldwide basis pursuant to a licensing agreement with Donna Karan Donna Karan is the fashion designer and the creator of the DKNY (Donna Karan New York) clothing label. She was born Donna Ivy Faske on October 9, 1948 in Forest Hills, New York. International. The offering will be underwritten by Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. and Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co. Incorporated. Designer Holdings Ltd. currently develops, sources and markets designer sportswear collections under the Calvin Klein Jeans, CK/Calvin Klein Jeans and CK/Calvin Klein Jeans Khakis labels. Products for men, juniors, women and petites are distributed through a broad range of department stores and specialty retailers. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may any offer to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. The offering of these securities will be made only by prospectus. A prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from Merrill Lynch, World Financial Center, New York, NY 10281. CONTACT: Designer Holdings Ltd. Maurice Dickson 212/556-9600 or Morgen-Walke Associates Investor Contact: Christine DiSanto/Jim Cappuccio 212/850-5600 Media Contact: Stacy Berns/Michael McMullan Morgen-Walke Associates 212/850-5600 |
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