Sport Supply to buy back up to $15 million of its convertibles

By Susanna Moon

Chicago, Aug. 1 - Sport Supply Group, Inc. said it plans to repurchase up to $15 million of its senior subordinated convertible bonds due November 2009.

Sport Supply said it amended its revolving credit agreement to permit the redemption.

The company said its directors authorized management to repurchase the bonds at prices deemed appropriate if they become available for sale on the open market.

To date, the company has bought back $1.5 million of the convertibles, leaving $48.5 million of the bonds outstanding.

"Operating strength and associated balance sheet strength has put Sport Supply Group in position to consider the early retirement of our bonds should the opportunity arise," Adam Blumenfeld, chairman and chief executive officer of Sport Supply, said in a press release.

The company said it had cash on hand of more than $20 million as of June 30 and nothing drawn against its existing credit facility.

Dallas-based Sport Supply manufactures and distributes sporting goods and team uniforms.

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