2023-04-13 08:42:56 ET
- Guess? ( NYSE: GES ) said on Thursday that it has issued $275M in 3.75% convertible notes due April 15, 2028, in a private placement.
- The interest is payable semi-annually in arrears on April 15 and Oct. 15 of each year, beginning on Oct. 15, 2023.
- Additionally, the company has agreed to repurchase $42.5M shares from the purchasers of the new convertible notes in privately negotiated transactions.
- The purchase price per share will be $19.00 per share.
- Also, the company is set to exchange ~$184.9M in aggregate principal amount of the existing convertible notes for ~$161.4M in aggregate principal amount of the new 3.75% convertible senior notes due 2028 and an aggregate of ~$33.3M in cash.
- The transactions are expected to settle on or about April 17.
- The company intends to use ~$31.6M of the net proceeds from the private placement to pay the cost of the convertible note hedge transactions.
- Source: Press Release
For further details see:
Guess? to issue $275M in convertible notes