Saks adjusts conversion rate on 2% convertibles

By Jennifer Chiou

New York, Dec. 1 - Saks Inc. said it altered the conversion rate on its 2% convertible senior notes to 83.5609 shares from 67.0142 shares per $1,000 principal amount.

The Birmingham, Ala., department store operator said that the adjustment results from the special cash dividend of $4.00 per share paid by the company on Nov. 30.

The notes were issued on March 17, 2004.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.