Dress Barn starts exchange offer for 2.5% convertible senior notes

By Jennifer Chiou

New York, Dec. 23 - Dress Barn, Inc. announced the start of an exchange offer for its $112.5 million of 2.5% convertible senior notes due 2024.

The offer will end at midnight ET on Jan. 22.

For each note, holders who elect to exchange their notes in the offer will receive $1,040 in cash plus accrued interest and a number of common shares to be fixed prior to the end of the offer.

The number of shares will be calculated using 95.1430 shares times the weighted average trading price of the stock for the five trading days ending on the pricing date.

Settlement is slated for Jan. 27.

J.P. Morgan Securities Inc. is the financial advisor. D.F. King & Co., Inc. is the information agent (800 487-4870).

The Suffern, N.Y.-based retailer issued $115 million of the convertibles in December 2004.

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