Saks Incorporated to adjust conversion rate on convertible senior notes
02 May '06
1 min read
Retailer Saks Incorporated announced that it will adjust the conversion rate on its 2 percent convertible senior notes issued on March 17th 2004 as a result of the special $4 per share cash dividend paid on May 1st 2006 to shareholders of record as of April 14th 2006. The effective date of the adjustment is May 2nd 2006.
The adjusted conversion rate is 67.0142 shares of Saks common stock for each $1,000 principal amount of the notes, replacing the conversion rate of 53.5087 shares of Saks common stock for each $1,000 of principal amount (which was effective as of May 1, 2004 and replaced the original conversion rate of 47.2210).
Saks Incorporated currently operates Saks Fifth Avenue Enterprises (SFAE), which consists of 55 Saks Fifth Avenue stores, 50 Saks Off 5th stores, and saks.com. It also operates 38 Parisian stores and 58 Club Libby Lu specialty stores.
In January 2006, the company announced it is exploring strategic alternatives for Parisian.
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