Holders may convert Saks' $230 million of 2% convertible senior notes in first quarter

By Devika Patel

Knoxville, Tenn., Jan. 10 - Saks Inc. said that its $230 million of 2% convertible senior notes due March 15, 2024 will remain convertible during the first quarter ending March 31.

The conversion opportunity arose because for at least 20 trading days during the 30 consecutive trading days up to Dec. 31, the closing price of the company's common stock was greater than or equal to 120% of the conversion price of the notes.

Holders who elect to convert may contact the conversion agent, Bank of New York Trust Co., NA (212 815-2742).

Saks is a New York-based retailer.

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