361 Degrees launches cash tender offer for 4.5% convertibles due 2017

By Marisa Wong

Madison, Wis., Oct. 20 – 361 Degrees International Ltd. launched a cash tender offer to repurchase its 4.5% convertible bonds due April 3, 2017, according to a company announcement.

The purchase price will be $102,500 for each $100,000 principal amount, along with accrued interest to but excluding the settlement date.

The offer began at 4 a.m. ET on Oct. 20 and will end at 11 a.m. ET on Oct. 24. Settlement will occur no later than Nov. 4.

Merrill Lynch International is the dealer manager, and Deutsche Bank AG, Hong Kong Branch is the tender and tabulation agent.

As of Monday, there was $97.6 million of the bonds outstanding. The company originally issued $150 million of the convertibles in March 2012 and repurchased portions of the bonds through over-the-counter purchases in January through April, September and October.

The tender offer will be funded by proceeds from a recent issue of senior notes.

361 Degrees is a sportswear company based in Xiamen City, China.

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