Overstock.com to redeem $24.5 million 3.75% convertibles on Sept. 21

By E. Janene Geiss

Philadelphia, Sept. 1 - Overstock.com said it plans to redeem all of its outstanding 3.75% convertible senior notes due Dec. 1, 2011.

The company will pay par plus accrued and unpaid interest up to but excluding the redemption date of Sept. 21. As of Sept. 1, the outstanding balance of the notes was $24.5 million.

The redemption will be funded with cash on hand and a $17 million draw under its financing agreement with the U.S. Bank National Association.

Overstock.com is a Salt Lake City-based online discount retailer.

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