US: Eddie Bauer announces US$70m notes offering
Outdoor sportswear maker Eddie Bauer Holdings is proceeding with a private offering of US$75m aggregate principal amount of 5.25% convertible senior notes due 2014.
The company expects that the closing of the note offering will occur on or about 4 April this year and that the notes will mature on 1 April 2014 unless earlier converted or repurchased.
The notes will pay interest semi-annually beginning on 1 October 2007. The initial conversion price, of approximately $13.55 per share, represents a 25% premium to the $10.84 per share closing price of Eddie Bauer's common stock on the NASDAQ Global Market yesterday (29 March).
Eddie Bauer intends to use the net proceeds from the offering to repay a portion of the borrowings outstanding under Eddie Bauer, Inc's term loan agreement.
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