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BRIEF-Party City Announces Sale Of Canadian Subsidiary Retail Business To Canadian Tire

Published 2019-08-08, 06:44 a/m
© Reuters.  BRIEF-Party City Announces Sale Of Canadian Subsidiary Retail Business To Canadian Tire

Aug 8 (Reuters) - Party City Holdco Inc PRTY.N :

* PARTY CITY ANNOUNCES SALE OF CANADIAN SUBSIDIARY RETAIL BUSINESS AND ASSETS TO CANADIAN TIRE AND AGREES TO A RELATED LONG-TERM WHOLESALE SUPPLY AGREEMENT

* PARTY CITY HOLDCO INC - ALL-CASH TRANSACTION VALUED AT APPROXIMATELY CAD$174 MILLION

* PARTY CITY HOLDCO INC - DEFINITIVE AGREEMENT WITH CANADIAN TIRE CORPORATION, LIMITED

* PARTY CITY HOLDCO INC - CANADIAN TIRE WILL ACQUIRE RETAIL BUSINESS AND ASSETS OF PARTY CITY'S CANADIAN SUBSIDIARY

* PARTY CITY HOLDCO INC - CANADIAN TIRE WILL ACQUIRE 65 RETAIL STORE LOCATIONS IN CANADA

* PARTY CITY HOLDCO INC - PARTY CITY AND CANADIAN TIRE HAVE ALSO AGREED TO A LONG-TERM WHOLESALE SUPPLY AGREEMENT, WITH AN INITIAL TERM OF 10 YEARS

* PARTY CITY HOLDCO INC - PARTY CITY'S WHOLESALE BUSINESS, AMSCAN INC WILL PROVIDE CANADIAN TIRE WITH CONSUMER PRODUCTS

* PARTY CITY HOLDCO INC - PROCEEDS FROM SALE WILL BE USED TO PAY DOWN DEBT

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