Saks to redeem $230 million 2% convertible senior notes due 2024

By Toni Weeks

San Luis Obispo, Calif., March 15 - Saks Inc. plans to fully redeem its $230 million of 2% convertible senior notes due March 15, 2024 at par, according to a news release.

The company will also pay accrued interest up to the April 15 redemption date.

Holders may convert their notes at any time prior to close of business on April 12. The conversion rate is currently 83.5609 shares of common stock per $1,000 principal amount of notes.

Bank of New York Mellon Trust Co., NA is the trustee.

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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