Cherokee to Issue Notes to Refinance Its Debt

Cherokee Inc., in a bid to refinance a big chunk of its debt, said it plans to publicly offer $115-million face amount of seven-year, senior subordinated notes.

Proceeds from the offering, which will be made by the Sunland apparel company’s Cherokee Group subsidiary, will be used to redeem about $105.3 million of existing notes that also are due to mature in 1999.

The public offering is being managed by Kidder, Peabody & Co.