Saks 2% senior notes remain convertible

By Devika Patel

Knoxville, Tenn., July 10 - Saks Inc. announced that its $230 million 2% convertible senior notes due March 15, 2024 have become convertible into shares of the company's common stock until Sept. 30.

The convertability is a result of Saks stock exceeding 120% of the conversion price for at least 20 out of the last 30 trading days in the quarter ended June 30.

The Birmingham, Ala., department store retailer said that holders may exercise their conversion rights with the Bank of New York Trust Co., NA (212 815-2742).

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