Retail Ventures free to buy back 6.625% PIES following revolver amendment

By Angela McDaniels

Tacoma, Wash., Sept. 18 - Retail Ventures, Inc. is able to repurchase its $125 million 6.625% premium income exchangeable securities due 2011 following an amendment made to the revolving credit facility of subsidiary Filene's Basement, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The amendment was made on Sept. 12 and allows the definition of "permitted investment" by Retail Ventures to include the repurchase of PIES. Without the amendment, such a repurchase would have been an event of default.

The PIES were issued in August 2006 and are exchangeable for the class A common stock of Retail Ventures subsidiary DSW Inc.

Retail Ventures is a discount retailer based in Columbus, Ohio.

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