Playboy 3% senior notes due 2025 convertible into cash after merger

By Marisa Wong

Madison, Wis., March 7 - Playboy Enterprises, Inc.'s 3% convertible senior subordinated notes due 2025 became convertible into cash on March 4 upon completion of a merger, according to an 8-K filed Monday with the Securities and Exchange Commission.

The conversion rate is 58.7648, which is equivalent to a cash amount of $361.40 per $1,000 principal amount of notes.

Icon Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Icon Acquisition Holdings, LP a Delaware limited partnership completed an offer on March 3 to purchase all of the outstanding shares of Playboy stock at $6.15 per share, as part of the merger of Icon Merger Sub with Playboy.

Deutsche Bank National Trust Co. is the trustee for the notes.

Playboy is a Chicago-based media and lifestyle company.

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