UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 16, 2018
KOHLS CORPORATION
(Exact name of registrant as specified in its charter)
Wisconsin |
001-11084 |
39-1630919 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
N56 W17000 Ridgewood Drive Menomonee Falls, Wisconsin |
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53051 |
(Address of principal executive offices) |
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(Zip Code) |
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Registrants telephone number, including area code: (262) 703-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01
Other Events .
On April 2, 2018, Kohls Corporation (the Company) commenced a cash tender offer for up to a maximum aggregate principal amount of $300 million of its 7.250% Debentures due 2029, 6.875% Notes due 2037, 6.000% Debentures due 2033, 4.000% Notes due 2021, 4.750% Notes due 2023 and 3.250% Notes due 2023 (the Tender Offer).
Increase in the Amount of Notes and Debentures to be Accepted in the Tender Offer
On April 16, 2018, the Company increased the maximum aggregate principal amount of notes and debentures it may purchase in the Tender Offer from $300,000,000 to $499,917,000. Aside from the increase in the maximum amount, all other terms of the Tender Offer remain unchanged.
Pricing for Tender Offer
On April 16, 2018, the Company issued a press release announcing the reference yield and total consideration for each series of notes and debentures subject to the Tender Offer.
Copies of the press releases are attached as Exhibits 99.1 and 99.2 to this report and are incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits .
(d)
Exhibits
Exhibit No. |
Description |
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Press Release relating to the increase in the amount of notes and debentures to be accepted in the Tender Offer, dated April 16, 2018 |
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Press Release relating to the pricing for the Tender Offer, dated April 16, 2018 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 16, 2018
KOHLS CORPORATION
By:
/s/ Jason J. Kelroy
Jason J. Kelroy
Executive Vice President, General Counsel and Secretary
EXHIBIT 99.1
Kohls Corporation Announces Increase in the Amount of Notes and Debentures to be Accepted in its Cash Tender Offer
Menomonee Falls, Wis., April 16, 2018 / PRNewswire / -- Kohls Corporation (NYSE: KSS) announced today that it has increased the maximum combined aggregate principal amount of notes and debentures it may purchase in the previously announced cash tender offer (the "Tender Offer") for its 7.250% Debentures due 2029, 6.875% Notes due 2037, 6.000% Debentures due 2033, 4.000% Notes due 2021, 4.750% Notes due 2023 and 3.250% Notes due 2023 (collectively, the Notes) from $300,000,000 to $499,917,000 (as increased, the Maximum Amount). As of 5:00 p.m., New York City time, April 13, 2018 (the Early Tender Deadline), $722,212,000 combined aggregate principal amount of Notes had been validly tendered and not validly withdrawn in the Tender Offer.
The Tender Offer is being made pursuant to, and subject to the terms and conditions in, an Offer to Purchase, dated April 2, 2018 (the "Offer to Purchase") which sets forth a description of the terms of the Tender Offer. Aside from the increase in the Maximum Amount, all other terms of the Tender Offer remain unchanged.
The settlement for the Notes validly tendered and not withdrawn on or before the Early Tender Deadline and accepted for purchase by Kohls is expected to take place on April 17, 2018. Holders whose Notes are accepted for purchase will receive the applicable total consideration to be calculated at 11:00 a.m., New York City time, today by the Lead Dealer Manager and announced by separate release later today. Based on the increased Maximum Amount, Kohls expects to accept for purchase the majority of the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline.
The Tender Offer will expire at 11:59 p.m., New York City time, on April 27, 2018, unless extended (such date and time, as the same may be extended, the "Expiration Time"). The withdrawal deadline of 5:00 p.m., New York City time, on April 13, 2018 (the "Withdrawal Deadline") and the Early Tender Deadline have passed and have not been extended. Accordingly, previously tendered Notes and Notes tendered after the Withdrawal Deadline and at or prior to the Expiration Time (as defined below) may not be withdrawn, subject to applicable law. However, as Kohls intends, subject to the terms and conditions of the Tender Offer, to accept for purchase the Maximum Amount of Notes tendered at or prior to the Early Tender Deadline, further tenders of Notes prior to the Expiration Time will not be accepted for purchase.
The obligation of Kohls to accept for purchase, and to pay for, any Notes validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the Tender Offer is conditioned upon the satisfaction or waiver of the conditions described in the Offer to Purchase under the heading Terms of the Tender OfferConditions of the Tender Offer. Subject to applicable law, the Tender Offer may be amended, extended, terminated or withdrawn with respect to one or more series of Notes.
This press release is neither an offer to purchase nor a solicitation of an acceptance of securities. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Tender Offer is being made solely pursuant to terms and conditions set forth in the Offer to Purchase.
Morgan Stanley & Co. LLC is serving as Lead Dealer Manager for the Tender Offer. J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Wells Fargo Securities, LLC are serving as Co-Dealer Managers for the Tender Offer. Questions regarding the Tender Offer may be directed to Morgan Stanley & Co. LLC at (800) 624-1808 (toll free) or (212) 761-1057 (collect). Requests for the Offer to Purchase or the documents incorporated by reference therein may be directed to D.F. King & Co., Inc., which is acting as Tender Agent and Information Agent for the Tender Offer, at the following telephone numbers: banks and brokers, (212) 269-5550; all others toll free at (877) 478-5044 or at the following email: kss@dfking.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements. Kohls intends forward-looking terminology such as believes, anticipates, plans, may, intends, will, should, expects or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause Kohls actual results to differ materially from those indicated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Kohls Annual Report on Form 10-K and other factors as may periodically be described in Kohls filings with the SEC.
About Kohls
Kohls (NYSE: KSS) is a leading omnichannel retailer with more than 1,100 stores in 49 states. With a commitment to inspiring and empowering families to lead fulfilled lives, Kohls offers amazing national and exclusive brands, incredible savings and an easy shopping experience in our stores, online at Kohls.com and on Kohls mobile app. Throughout its history, Kohls has given nearly $600 million to support communities nationwide. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohls impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.
Contacts
Investor Relations:
Jill Timm, (262) 703-2203, jill.timm@kohls.com
Media:
Jen Johnson, (262) 703-5241, jen.johnson@kohls.com
EXHIBIT 99.2
Kohls Corporation Announces Pricing for its Cash Tender Offer
Menomonee Falls, Wis., April 16, 2018 / PRNewswire / Kohls Corporation (NYSE: KSS) announced today the reference yield and total consideration for each series of notes and debentures subject to its previously announced cash tender offer (the Tender Offer) for up to $499,917,000 combined aggregate principal amount (the Maximum Amount) of its 7.250% Debentures due 2029, 6.875% Notes due 2037, 6.000% Debentures due 2033, 4.000% Notes due 2021, 4.750% Notes due 2023 and 3.250% Notes due 2023 (collectively, the Notes). The increase in the Maximum Amount that may be accepted in the Tender Offer was previously announced by separate release earlier today.
The Tender Offer is being made pursuant to, and subject to the terms and conditions in, an Offer to Purchase, dated April 2, 2018, as amended by the press release of earlier today, which announced the increase in the Maximum Amount ( as amended, the Offer to Purchase), which sets forth a description of the terms of the Tender Offer.
The reference yields for the Tender Offer were determined at 11:00 a.m., New York City time, today. The consideration to be paid in the Tender Offer for each series of Notes is based on the applicable reference yield plus a fixed spread, as set forth in the table below. Holders who validly tendered and did not validly withdraw Notes at or prior to the Early Tender Deadline (as defined below) that are accepted for purchase will receive the total consideration, which is equal to the amounts set forth in the table below (the Total Consideration). As Kohls intends, subject to the terms and conditions of the Tender Offer, to accept for purchase the Maximum Amount of Notes tendered at or prior to the Early Tender Deadline, further tenders of Notes prior to the Expiration Time will not be accepted for purchase. Holders whose Notes are accepted for purchase pursuant to the Tender Offer will also receive accrued and unpaid interest on their purchased Notes from, and including, the last interest payment date for such Notes to, but excluding, the applicable settlement date.
The following table sets forth the pricing information for the Tender Offer:
Title of Security |
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CUSIP Number |
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Aggregate Principal Amount Outstanding |
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Acceptance Priority Level |
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Reference U.S. Treasury Security |
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Bloomberg Reference Page (1) |
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Fixed Spread (Basis Points) |
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Early Tender Premium |
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Reference Yield |
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Total Consideration
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7.250% Debentures due 2029 |
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500255AF1 |
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$99,400,000 |
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1 |
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2.750% due February 15, 2028 |
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FIT1 |
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230 |
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$50.00 |
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2.847% |
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$1,176.33 |
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6.875% Notes due 2037 |
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500255AQ7 |
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$149,998,000 |
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2 |
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2.750% due November 15, 2047 |
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FIT1 |
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280 |
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$50.00 |
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3.050% |
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$1,118.71 |
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6.000% Debentures due 2033 |
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500255AN4 |
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$166,018,000 |
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3 |
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2.750% due February 15, 2028 |
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FIT1 |
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235 |
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$50.00 |
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2.847% |
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$1,081.90 |
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4.000% Notes due 2021 |
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500255AR5 |
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$650,000,000 |
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4 |
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2.375% due March 15, 2021 |
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FIT1 |
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55 |
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$50.00 |
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2.529% |
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$1,028.62 |
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4.750% Notes due 2023 |
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500255AT1 |
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$300,000,000 |
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5 |
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2.500% due March 31, 2023 |
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FIT1 |
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75 |
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$50.00 |
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2.691% |
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$1,064.13 |
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3.250% Notes due 2023 |
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500255AS3 |
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$350,000,000 |
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6 |
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2.500% due March 31, 2023 |
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FIT1 |
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70 |
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$50.00 |
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2.691% |
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$993.78 |
(1)
The applicable page on Bloomberg from which Morgan Stanley & Co. LLC quoted the bid-side prices of the applicable Reference U.S. Treasury Security.
(2)
Per $1,000 principal amount of Notes. Includes the early tender premium set forth in the table above (the Early Tender Premium).
(3)
In addition, holders will receive accrued and unpaid interest to, but excluding, the settlement date.
The Tender Offer will expire at 11:59 p.m., New York City time, on April 27, 2018, unless extended (such date and time, as the same may be extended, the Expiration Time). Holders of Notes must have validly tendered and not validly withdrawn their Notes at or before 5:00 p.m., New York City time, on April 13, 2018 (the Early Tender Deadline) to be eligible to receive the Early Tender Premium for their tendered Notes. After such time,
the Notes may not be withdrawn except in certain limited circumstances where additional withdrawal rights are required by law. Assuming the Tender Offer is not extended and the conditions of the Tender Offer are satisfied or waived, Kohls expects that settlement for Notes validly tendered and not validly withdrawn on or before the Early Tender Deadline and accepted for purchase will be on April 17, 2018.
The obligation of Kohls to accept for purchase, and to pay for, any Notes validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the Tender Offer is conditioned upon the satisfaction or waiver of the conditions described in the Offer to Purchase under the heading Terms of the Tender OfferConditions of the Tender Offer.
This press release is neither an offer to purchase nor a solicitation of an acceptance of securities. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Tender Offer is being made solely pursuant to terms and conditions set forth in the Offer to Purchase.
Morgan Stanley & Co. LLC is serving as Lead Dealer Manager for the Tender Offer. J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Wells Fargo Securities, LLC are serving as Co-Dealer Managers for the Tender Offer. Questions regarding the Tender Offer may be directed to Morgan Stanley & Co. LLC at (800) 624-1808 (toll free) or (212) 761-1057 (collect). Requests for the Offer to Purchase or the documents incorporated by reference therein may be directed to D.F. King & Co., Inc., which is acting as Tender Agent and Information Agent for the Tender Offer, at the following telephone numbers: banks and brokers, (212) 269-5550; all others toll free at (877) 478-5044 or at the following email: kss@dfking.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements. Kohls intends forward-looking terminology such as believes, anticipates, plans, may, intends, will, should, expects or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause Kohls actual results to differ materially from those indicated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Kohls Annual Report on Form 10-K and other factors as may periodically be described in Kohls filings with the SEC.
About Kohls
Kohls (NYSE: KSS) is a leading omnichannel retailer with more than 1,100 stores in 49 states. With a commitment to inspiring and empowering families to lead fulfilled lives, Kohls offers amazing national and exclusive brands, incredible savings and an easy shopping experience in our stores, online at Kohls.com and on Kohls mobile app. Throughout its history, Kohls has given nearly $600 million to support communities nationwide. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohls impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.
Contacts
Investor Relations:
Jill Timm, (262) 703-2203, jill.timm@kohls.com
Media:
Jen Johnson, (262) 703-5241, jen.johnson@kohls.com
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