MIAMI, April 27, 2018 (GLOBE NEWSWIRE) -- On April 18, 2018, Perry Ellis International, Inc. (Nasdaq:PERY) notified U.S. Bank National Association, as Trustee, of its intent to redeem the remaining $50 million of its outstanding 7.875% Senior Subordinated Notes due in 2019, and, accordingly, a notice of redemption will be sent by U.S. Bank National Association to the registered holders of the Notes. The total redemption price for the Notes is expected to be approximately $50.6 million, which amount includes 100.00% of the principal amount of the Notes as well as accrued and unpaid interest to, but not including, the redemption date, which will be on May 29, 2018. Upon the redemption by the Company of the Notes, none of the Notes will remain outstanding. The Company expects to pay the redemption price for the Notes with repatriated funds and from its senior credit facility.
Oscar Feldenkreis, CEO and President of Perry Ellis International, Inc. commented: “The strong financial condition of the Company has allowed us to take advantage of this opportunity to adjust our capital structure and to reduce our overall cost of capital. We have been managing our working capital very efficiently and last year generated $30 million in net cash from operations. We are committed to maintaining our solid financial foundation that provides us with the flexibility to invest in our growth and produce increased cash flow for the benefit of our shareholders.”
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories and fragrances. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses and men's and women's swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis®, An Original Penguin® by Munsingwear®, Laundry by Shelli Segal®, Rafaella®, Cubavera®, Ben Hogan®, Savane®, Grand Slam®, John Henry®, Manhattan®, Axist®, Jantzen® and Farah®. The Company enhances its roster of brands by licensing trademarks from third parties, including: Nike® and Jag® for swimwear, and Callaway®, PGA TOUR®, and Jack Nicklaus® for golf apparel and Guy Harvey® for performance fishing and resort wear. Additional information on the Company is available at http://www.pery.com.
