| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Charming Shoppes Inc. > News item |
Charming Shoppes starts tender for any and all 1.125% convertibles
By Jennifer Chiou
New York, June 28 - Charming Shoppes, Inc. announced the start of its cash tender offer for any and all of its $140,451,000 of 1.125% senior convertible notes due 2014.
The company will pay par plus accrued interest on the July 27 fundamental change repurchase date.
The offer will end at 11:59 p.m. ET on July 26.
On May 1, the company agreed to be acquired by Ascena Retail Group, Inc. The merger counted as a fundamental change under the indenture governing the convertibles.
As reported, the merger did not result in a make-whole adjustment to the conversion price of the securities.
Prior to the merger, each $1,000 principal amount of the notes was convertible into 65.0233 shares of Charming stock. As a result of the merger, that rate is now $477.92 in cash per $1,000 principal amount, which is an amount equal to the conversion rate of 65.0233 multiplied by $7.35, the amount paid in the merger for each share of Charming stock.
Wells Fargo Bank, NA is the trustee, paying agent and conversion agent (800 344-5128).
Bensalem, Pa.-based Charming Shoppes operates retail apparel stores.
© 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.