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Duane Reade Holdings, Inc. Amends Terms and Extends Deadlines for Previously Announced Cash Tender Offers for Senior Secured Floating Rate Notes and Senior Subordinated Notes
Date:7/24/2009

NEW YORK, July 24 /PRNewswire/ -- Duane Reade Holdings, Inc. announced today that its wholly-owned subsidiaries, Duane Reade Inc. and Duane Reade (collectively, the "Issuers"), have amended the terms of their previously announced offers to purchase for cash (i) their Senior Secured Floating Rate Notes due 2010 (the "Floating Rate Notes") (the "FRN Offer") and (ii) their 9.75% Senior Subordinated Notes due 2011 (the "Subordinated Notes" and, together with the Floating Rate Notes, the "Notes") (the "Subordinated Notes Offer" and, together with the FRN Offer, the "Offers"), and solicitations of consents for proposed amendments to the related indentures (the "Solicitations of Consents"). The Issuers have distributed an Amended and Restated Offer to Purchase and Solicitation of Consents, dated as of the date hereof (the "Amended and Restated Offer to Purchase").

The Amended and Restated Offer to Purchase reflects the following principal changes to the Offers and Solicitations of Consents:

  • removal of the minimum tender and consent conditions for the FRN Offer;

  • inclusion of an additional condition to the Offers and Solicitations of Consents regarding the execution and delivery of an amendment (the "Credit Agreement Amendment") to the Issuers' asset-based revolving loan facility (to, among other things, permit the issuance of new senior secured notes in a new offering (the "New Notes Offering"));

  • reduction of the amount of the Subordinated Notes sought in the Subordinated Notes Offer to $146,250,000, with any tenders in excess of such amount being subject to proration;

  • reduction of the minimum tender condition for the Subordinated Notes Offer from 85% to 60%;

  • reduction of the tender consideration per $1,000 principal amou
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SOURCE Duane Reade Holdings, Inc.
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