Saks holders convert $17.68 million 2% convertibles before redemption

By Tali David

Minneapolis, April 15 - Saks Inc. said that $17,675,000 of its 2% convertible senior notes due March 15, 2024 were converted ahead of the redemption of the securities.

The company redeemed the remaining $212,325,000, or about 92%, of the convertibles for cash, according to a press release.

Saks paid 102.2 plus accrued interest on April 15.

The conversion rate was 83.5609 shares of the company's common stock per $1,000 principal amount of the notes, the release said.

The New York-based retailer currently operates 43 Saks Fifth Avenue stores, 65 Saks Fifth Avenue Off 5th stores and the saks.com website.

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