Saks 2% notes due 2024 convertible during second quarter

By Jennifer Chiou

New York, April 3 - Saks Inc. said that holders of its $230 million of 2% convertible senior notes due March 15, 2024 may convert their securities into the company's shares due to the stock exceeding 120% of the conversion price for at least 20 out of the last 30 trading days in the quarter ended March 31.

As already announced, on Dec. 1, the company altered the conversion rate to 83.5609 shares from 67.0142 shares per $1,000 principal amount of notes because of a special cash dividend paid on Nov. 30.

The Birmingham, Ala., department store operator said that holders may exercise their conversion rights with the Bank of New York Trust Co., NA (212 815-2742).

The notes were issued on March 17, 2004.

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