Genesco: Remaining 4.125% convertibles to be redeemed on Dec. 3

By Jennifer Chiou

New York, Nov. 4 - Genesco Corp. announced the Dec. 3 redemption of its remaining 4.125% convertible subordinated debentures due June 15, 2023.

On Monday, the company said it entered into conversion agreements with holders of $5 million of the notes to convert each $1,000 principal amount into 49.8462 common shares in exchange for the early payment of interest from the last interest payment date through Nov. 4, or about $16.04 on each note, for a total payment of $80,208.

Holders may continue to convert their notes until the redemption date at the same rate.

After the above-mentioned conversions, $24,815,000 of the notes remains outstanding.

Genesco is a Nashville-based footwear and headwear company. The company's stock closed at $25.50 (NYSE: GCO) on Wednesday.

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