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BRIEF-99 Cents Only Stores says engaged discussions with holders of a material portion of unsecured 11 pct senior notes​
October 10, 2017 / 1:39 PM / 2 months ago

BRIEF-99 Cents Only Stores says engaged discussions with holders of a material portion of unsecured 11 pct senior notes​

Oct 10 (Reuters) - 99 Cents Only Stores Llc:

* 99 Cents Only Stores-‍beginning or about sept 22 co engaged discussions with holders of a material portion of co’s unsecured 11 pct senior notes due 2019​

* 99 Cents Only Stores - ‍in course of discussions with noteholders, co, lenders negotiated possible terms of potential strategic transaction​ - sec filing

* 99 Cents Only Stores Llc - ‍following discussions, on october 4, company made a proposal to the noteholders providing for an offer to exchange the notes​

* 99 Cents Only Stores - as of oct. 6, co, lenders had not reached agreement with respect to note exchange proposal or other strategic transaction​

* 99 Cents Only Stores Llc - ‍oct 4 proposal offered to exchange the notes for new junior lien notes offering 11 pct cash interest and 2 pct pik interest​

* 99 Cents Only - also, under proposal,about 50 pct notes held by co’s equity sponsors would be exchanged for new pik only notes

* 99 Cents Only - ‍if co is unable to complete strategic transaction or other alternative, its financial condition could be materially, adversely affected​

* 99 Cents Only Stores Llc - ‍in addition, under proposal, equity sponsors offered to invest up to $15 million of additional capital in company​

* 99 Cents Only Stores Llc - ‍oct 4 proposal also offered to exchange the notes for new junior lien notes offering 11% pik interest​ Source text - bit.ly/2y7Nurb Further company coverage:

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