Saks adjusts conversion rate on 2% convertibles

New York, April 30 - Saks Inc. said it adjusted the conversion rate on its 2% convertible senior notes issued on March 17 to reflect the one-time $2.00 cash dividend that will be paid to shareholders of record as of April 30.

The notes will now convert into 53.5087 shares instead of 47.2210 per $1,000 principal amount.

The change is effective May 1, the Birmingham, Ala., department store retailer said.

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