Dick's Sporting Goods holders put back nearly all 2.375% convertibles

By Jennifer Chiou

New York, Feb. 19 - Dick's Sporting Goods Inc. said that holders of $172.36 million of its 2.375% senior unsecured convertible notes due Feb. 18, 2024 exercised their put option on the securities, leaving $143,365 of notes, or $212,000 principal amount at maturity, outstanding.

Under the indenture, the company was required to purchase the notes for cash at a price of $676.25 per $1,000 of principal amount at maturity, plus $8.030499 of accrued interest.

The amount put back represents $254.87 principal amount at maturity.

Dick's said that it expects to redeem the remaining notes.

Wachovia Bank, NA is the trustee.

In February 2004, the Pittsburgh sporting goods retailer issued $172.5 million of the notes.

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