AT HOME GROUP INC. At Home Group Inc. announced that it has closed a new $200 million private placement and completed a series of refinancing transactions to strengthen its balance sheet and position the business to take advantage of opportunities created by recent competitive exits in the sector. Under the transactions, a subsidiary of the Company completed a private placement of $200 million aggregate principal amount of 11.500% Senior Secured Notes due 2028 (“New Money Notes”), the net proceeds of which were on-lent to the Company. Concurrent with the offering of the New Money Notes, certain holders of the Company's existing 7.125% Senior Unsecured Notes due 2029 (the “Existing Unsecured Notes”) will exchange their Existing Unsecured Notes for new 7.125%/8.625% Cash/PIK Toggle Senior Secured Notes due 2028 issued by the Company (the “Exchange Notes”).
The Company expects to exchange approximately $447 million of its Existing Unsecured Notes for Exchange Notes in aggregate principal amount of approximately $412 million, representing an exchange of Existing Unsecured Notes for Exchange Notes at 90% of par value plus accrued interest. The New Money Notes and the Exchange Notes (“Notes”) were not registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements. The Notes were offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act.
