Bluestem Group Inc. Announces Special Dividend

EDEN PRAIRIE, Minn.--()--The Board of Directors (the “Board”) of Bluestem Group Inc. (“Bluestem Group” or the “Company”) announced that it has declared a special cash dividend of $0.60 per share of the Company’s outstanding common stock and Series A Participating Convertible Preferred Stock (the “Special Dividend”). The Special Dividend will be payable on February 28, 2017 to holders of record as at the close of business on February 15, 2017. The ex-dividend date is March 1, 2017.

In connection with declaring the Special Dividend, the Company and affiliates of Centerbridge Partners, L.P. agreed to amend the terms of warrants to purchase the Company’s common stock previously issued to certain Centerbridge entities (collectively, the “Warrants”) to (i) reduce the exercise price of the Warrants by the amount of the Special Dividend, (ii) eliminate certain anti-dilution adjustment provisions applicable to dividends, and (iii) extend the expiration date of the warrants to May 8, 2021. As adjusted for payment of the Special Dividend, the exercise price of the Warrants will be $3.50 per share.

About Bluestem Group
Bluestem Group Inc. is a holding company whose businesses include Bluestem Brands, a multi-brand, online retailer of a broad selection of name-brand and private label general merchandise serving low- to middle-income consumers through 15 retail brands that include: Appleseed’s, Bedford Fair, Blair, Draper’s & Damon’s, Fingerhut, Gettington, Gold Violin, Haband, LinenSource, Norm Thompson, Old Pueblo Traders, PayCheck Direct, Sahalie, Tog Shop and Wintersilks. Complementing each brand is a large selection of merchandise with payment options that provide customers with the flexibility of paying over time. Bluestem Group is headquartered in Eden Prairie, MN. For additional information visit the Bluestem Group website at www.bluestem.com.

Forward Looking Statements
This release contains statements that are “forward-looking statements”. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. All statements contained herein that are not clearly historical in nature are forward-looking. In some cases, you can identify these statements by use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “predict,” “potential,” “project,” “intend,” “could” or similar expressions. In particular, statements regarding Bluestem Group’s plans, strategies, prospects and expectations regarding its business are forward-looking statements. You should be aware that these statements and any other forward-looking statements in this document only reflect Bluestem Group’s beliefs, assumptions and expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Many of these risks, uncertainties and assumptions are beyond Bluestem Group’s control and may cause actual results and performance to differ materially from Bluestem Group’s expectations. Forward-looking statements are based on Bluestem Group’s beliefs, assumptions and expectations of its future performance and actions, taking into account all information currently available to Bluestem Group. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to Bluestem Group or are within its control. If a change occurs, Bluestem Group’s plans, business, financial condition, and liquidity may vary materially from those expressed in its forward-looking statements. Important factors that could cause the actual results to be materially different from Bluestem Group’s expectations include the risks and uncertainties set forth in “Risk Factors” in Bluestem Group’s Report as of and for the fiscal years ended January 29, 2016 and January 30, 2015.

Accordingly, you should not place undue reliance on the forward-looking statements contained in this release. These forward-looking statements are made only as of the date of this release. Bluestem Group undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

ICR
Investor Relations:
Denise Garcia
IR@bluestembrands.com

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