Pier 1 Imports announces complete conversion of 9% convertibles

By Angela McDaniels

Tacoma, Wash., Oct. 21 - Pier 1 Imports, Inc. said all of its $61.3 million of 9% convertible senior notes due 2036 have been converted into common stock.

In connection with the conversion, Pier 1 issued slightly less than 24.5 million shares and paid $14.8 million in cash for accrued and additional make-whole interest, according to a company news release.

The company expects that its remaining long-term debt as of the end of the third quarter will be approximately $35.6 million, including $19 million in industrial revenue bonds and $16.6 million of 6.375% convertible senior notes due 2036.

Pier 1 is a Forth Worth-based specialty retailer of imported decorative home furnishings and gifts.

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