March 19, 2018 / 9:41 AM / a month ago

BRIEF-Claire's To Implement Balance Sheet Restructuring Supported By Holders Of Substantial Majority Of Co's Funded Debt

March 19 (Reuters) - Claire’s Stores Inc:

* CLAIRE’S TO IMPLEMENT BALANCE SHEET RESTRUCTURING SUPPORTED BY HOLDERS OF SUBSTANTIAL MAJORITY OF COMPANY’S FUNDED DEBT

* CLAIRE’S STORES INC - ‍EXPECTED ADJUSTED EBITDA FOR FY2017 APPROXIMATELY $212 MILLION, UP NEARLY 13% FROM FY2016​

* CLAIRE’S STORES INC - ‍EXPECTED ADJUSTED EBITDA MARGIN FOR FY2017 APPROXIMATELY 16.1%, UP NEARLY 170 BASIS POINTS FROM FY2016​

* CLAIRE’S STORES INC - ‍EXPECTED NET SALES AND NET INCOME FOR FY2017 APPROXIMATELY $1,318 MILLION AND $29 MILLION, RESPECTIVELY​

* CLAIRE’S STORES INC - CLAIRE’S INTERNATIONAL SUBSIDIARIES ARE NOT PART OF CO’S U.S. CHAPTER 11 FILINGS

* CLAIRE’S STORES INC - ‍COMMENCED ITS RESTRUCTURING PROCESS HAVING EXECUTED A RSA WITH AD HOC GROUP OF FIRST LIEN CREDITORS

* CLAIRE’S STORES INC - ‍COMPANY HAS OBTAINED $135 MILLION IN DEBTOR-IN-POSSESSION (DIP) FINANCING COMMITMENTS​

* CLAIRE’S STORES INC - ‍MEMBERS OF AD HOC GROUP OF FIRST LIEN CREDITORS HAVE AGREED TO PROVIDE COMPANY WITH APPROXIMATELY $575 MILLION OF NEW CAPITAL​

* CLAIRE’S STORES INC - ‍EXPECTS TO COMPLETE CHAPTER 11 PROCESS IN SEPT 2018, AND REDUCE ITS OVERALL INDEBTEDNESS BY APPROXIMATELY $1.9 BILLION​

* CLAIRE’S STORES - EXECUTED A RSA WITH ITS AD HOC GROUP OF FIRST LIEN CREDITORS LED BY ELLIOTT MANAGEMENT AND MONARCH ALTERNATIVE CAPITAL

* CLAIRE’S STORES - ‍RESTRUCTURING SUPPORTED BY HOLDERS OF ABOUT 72% OF FIRST LIEN DEBT, 8% OF ITS SECOND LIEN NOTES, AND 83% UNSECURED NOTES​

* CLAIRE’S STORES INC - ‍NEW CAPITAL INCLUDES FINANCING COMMITMENTS FOR $75 MILLION ASSET-BASED LENDING FACILITY, $250 MILLION FIRST LIEN TERM LOAN

* CLAIRE’S - EXPECTS TO COMPLETE CHAPTER 11 PROCESS IN SEPT 2018, EMERGE WITH OVER $150 MILLION OF LIQUIDITY, REDUCE OVERALL INDEBTEDNESS BY ABOUT $1.9 BILLION

* CLAIRE’S STORES INC - ‍NEW CAPITAL ALSO INCLUDES FINANCING COMMITMENTS FOR A NEW $250 MILLION AS A PREFERRED EQUITY INVESTMENT​

* CLAIRE’S STORES INC - ‍EXPECTS ITS CONCESSIONS BUSINESS TO GROW BY MORE THAN 4,000 STORES IN 2018​

* CLAIRE’S - ‍IS CURRENT ON PAYMENTS TO TRADE VENDORS, HAS “AMPLE LIQUIDITY TO MAINTAIN STRONG PARTNERSHIPS WITH ITS DOMESTIC AND NON-DOMESTIC SUPPLIERS” Source text for Eikon: Further company coverage:

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