Skechers calls 4.5% convertibles

By Angela McDaniels

Seattle, Jan. 19 - Skechers USA, Inc. will redeem its $90 million outstanding 4.5% convertible subordinated notes due April 15, 2007 at 100.9% of par on Feb. 20, according to a company news release.

The company said it will also pay accrued interest up to but excluding the redemption date and will fund the redemption with cash on hand.

The notes are convertible into 38.5089 shares of Skechers class A common stock per $1,000 principal amount of notes, which is equal to a conversion price of $25.968 per share, at any time before 5 p.m. on Feb. 16.

The Manhattan Beach, Calif.-based footwear company's shares closed at $34.15 (NYSE: SKX) on Thursday.

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