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 # 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.
About Leon's
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.