Genesco holders agree to convert $16.04 million of 4.125% convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 5 - Genesco Inc. said holders of $16.04 million principal amount of its 4.125% convertible subordinated debentures due 2023 have agreed to convert their holdings in exchange for the early payment of 75% of the accrued interest on the debentures from the last interest payment date through Nov. 9.

The payment is approximately $12.46 per debenture for a total interest payment of $199,873, according to a company news release.

The debentures will be converted at the regular conversion ratio, which is 49.8462 shares per $1,000 principal amount of debentures.

After the completion of the conversions, $8,775,000 principal amount of debentures will remain outstanding.

As previously reported, the outstanding debentures will be redeemed on Dec. 3.

Genesco is a Nashville-based specialty retailer that sells footwear, headwear and accessories.

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