Hasbro to buy back stock issued upon conversion of 2.75% convertibles

By Angela McDaniels

Tacoma, Wash., March 8 - Hasbro, Inc. plans to effectively replace its $249.8 million principal amount of outstanding 2.75% convertible debentures due 2021 with a new issue of notes, according to a 424B2 filing with the Securities and Exchange Commission.

The company said it will use the proceeds of the new notes to repurchase and retire the number of shares resulting from the potential conversion of the 2.75% debentures and to redeem any debentures that are not converted.

The share repurchases would be made in the open market under the company's share buyback program.

Any remaining proceeds would be used for general corporate and working capital purposes, which may include debt repayment, capital expenditures, acquisitions and additional share repurchases.

The game and toy company is based in Pawtucket, R.I.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.