Jones Apparel Group today announced that its expectations for total revenues and earnings per share for the fourth quarter 2000 are in line with previous company guidance. Previous company guidance estimated revenues in the fourth quarter of 2000 to be in the range of $950m to $970m, and earnings per share to be in the range of $.50 to $.53.

The company also announced plans to raise gross proceeds of $300m through an offering of 20-year, zero coupon convertible senior debt securities. The securities will be convertible into common stock of the company at a premium to be determined.

The company has granted the initial purchasers of the securities an option to purchase additional zero coupon convertible senior debt securities to cover over-allotments, which if exercised, would provide the company with $45m in additional gross proceeds.

Wesley R. Card, CFO, said: "We intend to use the proceeds from this offering to pay down or refinance existing debt and for general corporate purposes. The extended maturity provides us with additional financial flexibility to fund our business growth for the future."