TORONTO, April 10, 2013 /CNW/ - Leon's Furniture Limited (TSX: LNF) (Leon's) and The Brick Ltd. (TSX: BRK.DB) ("The Brick") are pleased to announce that The Brick will complete on April 11, 2013 its previously announced offer to purchase for cash any and all of its outstanding 12% Senior Secured Debentures due May 30, 2014 (CUSIP No. 107879AA6) (the "Debentures") on the terms and conditions set out in the offer to purchase of The Brick dated March 11, 2013.
A total of $17,833,000 aggregate principal amount of Debentures were tendered to the offer. Payment for the Debentures validly tendered will be made on April 11, 2013. The aggregate cash consideration, including accrued interest, to be paid by The Brick to holders of the Debentures tendered will be $20,208,453.32. As a result of the tender of the Debentures pursuant to this offer, The Brick will have net interest savings in the amount of $623,422 during the remainder of the term of the Debentures which are due May 30, 2014.
Leon's was founded in 1909 and is one of Canada's best-known home furnishings retailers offering great value on household furniture, mattresses, appliances and home electronics. Leon's has 76 stores in Newfoundland and Labrador, Quebec, Ontario, Manitoba, Saskatchewan, Alberta, Nova Scotia, New Brunswick, and Prince Edward Island.
About The Brick
The Brick, which opened its first store in Edmonton, Alberta in 1971, has grown over the last 40 years to become one of Canada's leading retailers of household furniture, mattresses, appliances and home electronics. The Brick has 231 stores in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island, Nova Scotia, New Brunswick, the Northwest Territories and Yukon.operating under The Brick, United Furniture Warehouse, The Brick Mattress Store and Urban Brick banners. In addition, through its corporate sales division and Midnorthern Appliances division, The Brick services the subdivision, condominium, hospitality, and high-rise builder market.
SOURCE: The Brick Ltd.
For further information:
Vice-President and CFO
Leon's Furniture Limited
CFO and President, Financial Operations
The Brick Ltd.