Men's Wearhouse says most 3.125% convertibles converted ahead of redemption

By Angela McDaniels

Seattle, Jan. 30 - Men's Wearhouse, Inc. said that holders of $127 million of its $130 million 3.125% convertible senior notes due 2023 elected to convert their notes ahead of Dec. 15, the redemption date.

The company exercised its right to pay cash in lieu of stock for the principal amount of each note and, as a result, paid $127 million in cash and issued 1,222,364 shares of common stock, according to a company news release.

The remaining $3 million notes were redeemed on Dec. 15.

The company elected to call the notes on Nov. 16 after its stock closed above 140% of the conversion price for the required period.

Men's Wearhouse is a men's apparel retailer based in Houston.

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