Pier 1 Redeems Outstanding Notes

February 16, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on February 17, 2011 Specialty home retailer Pier 1 Imports (NYSE: PIR) has paid in full all of its outstanding 6.375 percent convertible senior notes due 2036.

The company gave notice in December that it was redeeming the outstanding notes at a price equal to 100 percent of the principal amount plus accrued and unpaid interest of the notes.

The notice of redemption also included notice of a holder's option to require the Pier 1 to purchase the notes on the same date and at the same price. On Feb. 15, all outstanding notes were surrendered in full and the retailer paid the holders of the notes $17.1 million, which included principal and interest.