Lifetime Brands buys $49.9 million of its 4.75% convertibles due 2011

By Devika Patel

Knoxville, Tenn., June 17 - Lifetime Brands, Inc. said it purchased $49.9 million of its $74 million in 4.75% convertible senior notes due July 2011.

The company paid 100.25 plus interest for the notes. The purchase price was funded with borrowings from its recently completed credit facilities.

The company will recognize a one-time, non-cash pre-tax charge of approximately $2.5 million, or $0.12 per diluted share, in the second quarter, representing the write-off of a portion of the deferred financing costs and debt discount related to the notes.

Lifetime is a Garden City, N.Y.-based designer, developer and marketer of various consumer products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.