Dress Barn announces conversion period for convertible notes
02 May '06
2 min read
Clothing retailer Dress Barn Inc announced that its 2.50 percent convertible senior notes due 2024 (the 'notes') are now convertible at the option of the holders and will remain convertible through July 28th 2006, the last trading day of the current fiscal quarter, as provided for in the Indenture governing the notes.
The notes became convertible as the company's common stock closed at or above $12.6126 per share for twenty trading days within the thirty trading day period ending on April 28th 2006. As a result, during the conversion period commencing May 1st 2006 and continuing through and including July 28th 2006, holders of the notes may, if they elect, convert the notes into shares of common stock and cash, subject to the terms of the related Indenture.
The notes are convertible at the conversion rate of 95.143 shares per $1,000 principal amount of each Note or an effective conversion price of $10.51 per share. There is currently outstanding $115 million principal amount of the notes.
Dress Barn Inc is a leading national specialty apparel retailer offering quality career and casual fashion apparel through its dressbarn and maurices brands. As of April 29th 2006, the company operated 802 dressbarn stores in 45 states and 524 maurices stores in 39 states.
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