Duane Reade amends terms, extends deadlines for senior notes purchases

7/27/2009

NEW YORK Duane Reade Holdings has amended the terms of its previously announced offers to purchase senior secured floating rate notes and senior subordinated notes.

More specifically, the retailer has amended the terms of the offers to purchase for cash their senior secured floating rate notes due 2010 and their 9.75% senior subordinated notes due 2011 and solicitations of consents for proposed amendments to the related indentures.

The amendments include, but are not limited to, a reduction of the amount of the subordinated notes sought in the subordinated notes offer to $146.25 million with any tenders in excess of such amount being subject to proration; a reduction of the minimum tender condition for the subordinated notes offer from 85% to 60%; and a reduction of the tender consideration per $1,000 principal amount of the subordinated notes from $845 to $835 and an increase in the consent payment for the subordinated notes from $30 to $40.

The offers and solicitations of consents are conditioned upon, among other things, the funding of the $125 million preferred equity investment by entities associated with Oak Hill Partners.

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