Saks plans to price $80 million of four-year Rule 144A convertibles

By Rebecca Melvin

New York, May 19 - Saks Inc. said it plans to price $80 million of four-year convertibles in a private offering to qualified institutional buyers under Rule 144A, according to a news release.

There is a greenshoe of up to $10 million of additional notes to cover over-allotments.

Timing and talk couldn't be determined by Prospect News' deadline.

The notes will be convertible at the option of the holders into cash, shares of Saks common stock or a combination thereof at Saks' election.

The notes will be non-callable with no puts.

Proceeds are intended to pay down amounts outstanding under Saks' revolving credit facility and for general corporate purposes.

Saks is a New York-based retailer.

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