© Reuters.
LOS ANGELES – Guess?, Inc. (NYSE: GES) has announced the exchange of approximately $67.1 million in principal amount of its 2.00% convertible senior notes due in 2024 for roughly $64.8 million in principal amount of 3.75% convertible senior notes due in 2028. This transaction, expected to close around January 10, 2024, is part of the company’s broader strategy to manage its debt obligations.
The new 2028 notes will be similar to the existing 2028 notes issued by Guess (NYSE:) in April 2023, featuring the same terms and CUSIP number, which will allow them to trade interchangeably and be fungible. The conversion rate for the 2028 notes is set at approximately 40.9077 shares per $1,000 principal amount, equivalent to an initial conversion price of about $24.45 per share.
Guess also plans to repurchase 915,467 shares of its common stock, costing approximately $21.1…
