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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
TJX holders convert nearly all zero-coupon convertible notes ahead of redemption on May 5
By Susanna Moon
Chicago, May 19 - TJX Cos., Inc. said it raised $374.3 million to redeem its zero-coupon convertible subordinated notes. Noteholders, meanwhile, had converted substantially all the notes prior to redemption.
As of May 5, noteholders had converted their notes into 15.1 million TJX shares.
The company said it expects to use proceeds from the debt offering to repurchase some or all of these shares. As a result, TJX now expects to repurchase $625 million of TJX stock in fiscal 2010, which ends in January 2010. This amount may be adjusted depending on the economic environment.
TJX, based in Framingham, Mass., is an off-price retailer of apparel and home fashions.
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