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Duane Reade Holdings, Inc. Announces Pricing of Offering of 11.75% Senior Secured Notes Due 2015
Date:7/31/2009

NEW YORK, July 31 /PRNewswire/ -- Duane Reade Holdings, Inc. announced today that its wholly-owned subsidiaries, Duane Reade Inc. and Duane Reade (collectively, the "Issuers"), had priced their offering of $300,000,000 aggregate principal amount of Senior Secured Notes due August 1, 2015 (the "Notes"). The Notes will bear interest at an annual rate of 11.75%. The Notes were priced at 97.417%, representing a yield to maturity of 12.375%. The offering of the Notes is expected to close on August 7, 2009.

The Issuers intend to use the net proceeds from the Notes offering, together with a portion of the proceeds from a $125 million preferred equity investment (the "Equity Investment") by entities associated with Oak Hill Capital Partners, L.P., to purchase the Issuers' $210,000,000 aggregate principal amount of Senior Secured Floating Rate Notes due 2010 (the "Floating Rate Notes") and up to $146,250,000 aggregate principal amount of 9.75% Senior Subordinated Notes due 2011 and pay any related consent fees in the Issuers' previously-announced cash tender offer for such securities (collectively, the "Offers") or to optionally redeem any Floating Rate Notes not tendered in the Offers pursuant to an optional redemption notice to be given at the closing date of the offering of the Notes.

The closing of the Notes offering is conditioned upon, among other things, (i) all conditions precedent (including, without limitation, the funding of the Equity Investment) to the Offers, other than the availability of the proceeds of the notes offering, being satisfied or waived and (ii) receipt of an amendment to the Issuers' asset-based revolving loan facility to permit, among other things, the completion of the Offers and the Notes offering.

The offer and sale of the Notes will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent such registration or an
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SOURCE Duane Reade Holdings, Inc.
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