Saks prices upsized $105 million convertibles to yield 7.5%, up 25%

New York, May 20 - Saks Inc. priced an upsized $105 million of four-year convertibles after the close Wednesday to yield 7.5% with a 25% initial conversion premium.

The deal was increased from the planned amount of $80 million.

The conversion price is $5.54 and the initial conversion ratio 180.5869.

Saks sold the securities under Rule 144A.

Timing and talk couldn't be determined ahead of pricing.

The notes will be convertible into cash, stock or a combination at Saks' choice.

They are non-callable with no puts.

Proceeds will be used to pay down Saks' revolving credit facility and for general corporate purposes.

Saks is a New York-based retailer.

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