At Home Announces Completion of $200 Million Private Placement and Related Transactions

DALLAS ~ At Home Group Inc. (the "Company") announced today that it has closed a new $200 million private placement and completed a series of refinancing transactions to strengthen its balance sheet and position the business to take advantage of opportunities created by recent competitive exits in the sector.

The transactions included a private placement of $200 million aggregate principal amount of 11.500% Senior Secured Notes due 2028 ("New Money Notes"), the net proceeds of which were on-lent to the Company. Additionally, certain holders of the Company's existing 7.125% Senior Unsecured Notes due 2029 (the "Existing Unsecured Notes") exchanged their Existing Unsecured Notes for new 7.125%/8.625% Cash/PIK Toggle Senior Secured Notes due 2028 issued by the Company (the "Exchange Notes"). The Company expects to exchange approximately $447 million of its Existing Unsecured Notes for Exchange Notes in aggregate principal amount of approximately $412 million, representing an exchange of Existing Unsecured Notes for Exchange Notes at 90% of par value plus accrued interest.

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Lee Bird, Chairman & CEO of At Home, commented on the transactions: "These transactions further strengthen our financial position and provide At Home with incremental capital to support our growth objectives and execute on our strategic plan. At Home's value positioning, unique product assortment and unmatched selection remain highly differentiated in the marketplace. With these transactions, we are able to further invest in our business and strengthen our position as the leading destination for home décor. And with significant runway to add stores, we believe we are well positioned to continue our long track record of double-digit growth in the coming years. We appreciate the support from our financing partners who recognize the value of our business and potential for long-term growth."

The New Money Notes and Exchange Notes were offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act, but were not registered under the Securities Act or any state securities laws, meaning they may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable securities laws in such state or other jurisdiction.

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Forward-looking statements contained within this press release are subject to various risks and uncertainties that could cause actual outcomes or results to differ materially from those indicated by such forward-looking statements; no assurance can be given that any forward-looking statements will materialize as expected by management at At Home Group Inc., nor is there any obligation on their part publicly update or revise any forward-looking statement whether as a result of new information, future developments, or otherwise except as required by law.
Filed Under: Business

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