Genesco in stock-for-debt swap
Posted on November 3, 2009 at 8:10 amNashville-based retailer Genesco will convert almost $30 million of bonds into common shares over the course of the next month. When that’s done, the company (Ticker: GCO) will have less than $25 million of long-term debt on its books. (Search for ‘Note 7.’)
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Gaylord names its price
Posted on September 24, 2009 at 8:23 am
The hotel operator is moving forward quickly with its stock and convertible bond offerings. The Nashville-based company will market up to 6.9 million shares at $21.80 — where they ended Wednesday after investors took them down more than 14 percent — and pay 3.75 percent on its new debt.
The latter number is 300 basis points below the rate on the debt Gaylord will pay off with this offering’s proceeds. The convertibles’ strike price is $27.25, a price that Gaylord shares (Ticker: GET) last traded at in October 2008.
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