Casual Male holders convert $40 million of 5% convertible notes due 2024; remainder to be redeemed

By Jennifer Chiou

New York, Jan. 8 - Casual Male Retail Group, Inc. announced that holders of $40 million of its 5% convertible senior subordinated notes due Jan. 1, 2024 converted their securities into 3.76 million shares.

The company added that it will redeem the remaining $53.3 million of notes on Jan. 29.

Holders converted their notes ahead of the Jan. 8 redemption at a conversion price of $10.65 per share, or 93.9 shares of stock for each $1,000 principal amount of notes. Any fractional shares will be paid in cash.

The company previously said it expected most of the notes to be converted because its stock is trading well above the conversion price. The shares closed at $12.30 on an. 5.

The company also already announced that its board approved a plan to repurchase up to $75 million of its common stock during 2007.

Based in Canton, Mass., Casual Male operates the Casual Male XL and Rochester Big & Tall clothing stores. The company announced the redemption on Dec. 18.

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