Cherokee to Issue Notes to Help Finance Buyout
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Cherokee Group plans to issue $93 million in notes to help finance an investor group’s pending $174-million buyout of Cherokee, a Sunland apparel and shoe concern.
The investor group, Green Acquisition, was formed by three top Cherokee executives and Deutschman & Co., a Los Angeles investment firm. The group is paying $14 a share in cash and securities for Cherokee’s stock.
In a filing with the Securities and Exchange Commission, Cherokee said the notes would mature in 1999. Separately, Green filed plans with the SEC to issue 60,000 non-voting common shares--worth $600,000--that also would help finance the transaction.
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