Pier 1 calls its $577,000 of 6.375% convertibles, announces put date

By Melissa Kory

Cleveland, Dec. 21 - Pier 1 Imports, Inc. announced that it will redeem its $577,000 of 6.375% convertible senior notes due Feb. 15, 2036 and also said that holders may exercise a put option for the convertibles.

The notes will be redeemed on Feb. 15 at par plus accrued interest up to but excluding the redemption date.

Holders may exercise the put option from Jan. 18 through 5 p.m. ET on Feb. 14. Any notes put back to the company will be repurchased on Feb. 15.

The notes may be converted at any time before the close of business on Feb. 10. The current conversion rate is 65.8328 shares of common stock for each $1,000 of the notes. The stock closed at $10.52 on Tuesday.

Bank of New York Mellon is the redemption agent.

The company is a Fort Worth, Texas-based specialty retailer.

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