361 Degrees buys back $86.2 million 4.5% convertibles in tender offer

By Marisa Wong

Madison, Wis., Oct. 28 – 361 Degrees International Ltd. announced that as of 11 a.m. ET on Oct. 24, the expiration of its cash tender offer to repurchase its 4.5% convertible bonds due April 3, 2017, holders had tendered $86.2 million, or 88.32%, of the $97.6 million of outstanding bonds.

All of the tendered convertible bonds have been accepted for repurchase.

Following settlement of the tender offer, the principal amount of convertible bonds outstanding will be $11.4 million.

As noted before, the purchase price is $102,500 for each $100,000 principal amount, along with accrued interest of $350. The aggregate purchase price for the bonds is $88,656,700.

The offer began at 4 a.m. ET on Oct. 20. Settlement is expected to occur on Oct. 31.

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

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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