Tarrant Apparel holders exercise early payment right on all 6% convertibles

By Jennifer Chiou

New York, June 30 - Holders of Tarrant Apparel Group's 6% secured convertible debentures due Dec. 14, 2007 exercised their early payment right on all of the securities, according to an 8-K filing with the Securities and Exchange Commission.

The company said it repaid $6.9 million of the notes, plus accrued interest.

On June 21, the company said it entered into an agreement with noteholders to amend the note indenture.

As part of the agreement, all convertible debenture holders were given a right, at any time on or prior to June 23, to have their securities paid in full with a prepayment penalty of 5% of the principal amount.

Tarrant is a Los Angeles-based design and sourcing company for private label and private brand casual apparel.

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