Retailer Saks adjusts conversion rate on convertible notes
04 Dec '06
1 min read
Retailer Saks Incorporated announced that it has adjusted the conversion rate on its 2 percent Convertible Senior Notes issued on March 17, 2004, effective.
The adjustment results from the special cash dividend of $4 per share paid by the Company on November 30, 2006 to shareholders of record as of November 15, 2006.
The adjusted conversion rate is 83.5609 shares of the Company's common stock for each $1,000 principal amount of the notes, replacing the conversion rate of 67.0142 shares of the Company's common stock for each $1,000 of principal amount of the notes.