Saks closes private note offering
Saks closes private offering of convertible notes due in 2013, gets proceeds of $115.4 million
Luxury department-store operator Saks Inc. said Wednesday it closed its private offering of $120 million of principal amount of convertible notes due in 2013.
The private offering of the 7.5 percent notes announced one week ago included the exercise in full of the initial purchasers' option to buy $15 million aggregate principal amount of additional notes to cover over-allotments.
Saks said it received net proceeds of about $115.4 million after deducting discounts and offering expenses.
The retailer said it will use the proceeds to pay down amounts outstanding under its revolving credit facility and for general corporate purposes.
Saks shares fell 6 cents to $4.08 in afternoon trading.
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