Hills Stores announces completion of the sale of $195 million of its senior notes.CANTON, Mass.--(BUSINESS WIRE)--April 19, 1996--Hills Stores Company (NYSE NYSE See: New York Stock Exchange :HDS (Hitachi Data Systems, Santa Clara, CA, www.hds.com) A leading provider of high-end storage hardware, software and services. Part of the Information Systems & Telecommunications Division of Hitachi Ltd. ) today announced that it has completed the sale of $195,000,000 principal amount of its 12 1/2% Senior Notes due 2003. The new class of Senior Notes was sold to qualified institutional buyers pursuant to Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. under the Securities Act of 1933 and to certain other institutional investors. The new Senior Notes, which are noncallable Noncallable Securities that cannot be called by the issuer prior to maturity. Notes: Noncallable securities include preferred stocks and bonds. These securities usually offer lower yields to investors due to their reduced risk. , are guaranteed by all the subsidiaries of Hills Stores Company. A portion of the proceeds received from the sale of the Senior Notes will be used to redeem the company's 10.25% Senior Notes pursuant to an offer by the Company to redeem such Senior Notes which was required as a result of a change of control that occurred in July 1995. The offer to redeem was also announced today. Hills Stores is a leading regional discount retailer operating 164 stores in 12 Mid-Western and Mid-Atlantic states Mid-At·lan·tic States See Middle Atlantic States. Noun 1. Mid-Atlantic states - a region of the eastern United States comprising New York and New Jersey and Pennsylvania and Delaware and Maryland U.S.A. . The Senior Notes will not be registered under the Securities Act and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration under the Securities Act or an exemption from such registration. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Senior Notes 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. CONTACT: Hills Stores Company William K. Friend, 617/821-1000, ext. 1189 or The Bromley Group Alan Bromley, 212/807-0878 |
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