Men's Wearhouse to redeem 3.125% convertibles

By Jennifer Chiou

New York, Nov. 16 - The Men's Wearhouse, Inc. said it elected to redeem its $130 million of 3.125% convertible senior notes due 2023 after its stock closed above 140% of the conversion price for the required period.

The redemption date is Dec. 15.

The Men's Wearhouse stock closed down $3.08, or 7.68%, at $37.00 on Thursday.

On Sept. 18, the company changed the conversion rate of the 3.125% convertibles to 35.1309 shares per $1,000 principal amount of notes, or $28.47 per share, from 35.0815 shares, or $28.51 per share.

As previously announced, the change reflected the quarterly cash dividend of $0.05 per share on the company's common stock payable on Sept. 29. The company's board of directors approved the dividend on July 25.

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

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