TJX to use notes proceeds to redeem zero-coupon convertibles

By Jennifer Chiou

New York, April 2 - TJX Cos., Inc. announced plans to use the net proceeds from the sale of $375 million of 6.95% notes due 2019 to redeem its zero-coupon convertible subordinated notes due in February 2021.

Alternatively, if any of the convertibles are converted to common shares prior to redemption, the company said it intends to repurchase shares under TJX's stock repurchase program.

Remaining proceeds will be used for working capital and other general corporate purposes. Closing is expected on April 7.

Banc of America Securities LLC, J.P. Morgan Securities Inc. and RBS Securities Inc. are the joint bookrunners.

TJX, based in Framingham, Mass., is an off-price retailer of apparel and home fashions.

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