Pier 1 Files for $165 Million Secondary Offering

June 12, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on June 2006 Specialty retailer Pier 1 has filed with the Securities and Exchange Commission for a secondary offering of $165 million in 6.375 percent convertible senior notes due 2036.

The Fort Worth, Texas-based company said the notes were initially sold in a private placement in February. The initial conversion rate for the notes is 65.8328 shares per $1,000 principal amount, or $15.19 per share.

The company will not receive proceeds from the sale. Stock closed Monday at $8.55, down 2.7 percent.