Party City Holdings Inc. Announces Proposed Bond Offering

Jul 29, 2013, 09:09 ET from Party City

ELMSFORD, N.Y., July 29, 2013 /PRNewswire/ -- Party City Holdings Inc. ("Party City") announced today that its indirect parent company, PC Nextco Holdings, LLC ("PC Nextco Holdings") along with a co-issuer, PC Nextco Finance, Inc., intends to issue $300 million of senior PIK toggle notes due 2019.

PC Nextco Holdings intends to use the net proceeds from this offering to distribute cash to its parent company PC Topco Holdings, Inc. to fund a cash dividend, distribution or other payment to its shareholders and to pay related fees and expenses.  The consummation of the proposed notes offering is subject to market and other conditions.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the senior notes, nor shall there be any sale of the notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The notes to be offered have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

About Party City

Party City designs, manufactures, contracts for manufacture and distributes party goods, including paper and plastic tableware, metallic and latex balloons, accessories, novelties, costumes, other garments, gifts and stationery throughout the world. In addition, Party City operates specialty retail party supply stores in the United States and Canada, principally under the names Party City and Halloween City, and it operates e-commerce websites, principally under the domain name  Party City also franchises both individual stores and franchise areas throughout the United States and Puerto Rico. 

This news release may contain forward-looking statements, including those relating to the proposed offering by PC Nextco Holdings and the proposed use of proceeds. Important factors that could cause actual results to differ materially from our expectations include, without limitation: the ability of PC Nextco Holdings to successfully complete the offering on terms and conditions satisfactory to us; capital market risks; and the impact of general economic or industry conditions. There can be no assurance that PC Nextco Holdings will be able to complete the proposed offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Other risks and uncertainties are more fully described in our other filings with the Securities and Exchange Commission. We intend these forward-looking statements to speak only as of the time of this release and do not undertake to update or revise them as more information becomes available.

SOURCE Party City