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From Home Furnishing Business

Restoration Hardware Closes Sale of Convertible Senior Notes

Restoration Hardware Holdings, Inc. (NYSE: RH), a curator in the luxury lifestyle market, has closed the sale of an additional $50 million of 0 percent convertible senior notes due 2020 pursuant to the exercise of the entire over-allotment option granted in the original offering of $250 million of notes.

The terms of the newly issued notes are identical to those previously issued and have an initial conversion price of approximately $118.13 per share, representing a 25 percent conversion premium to the closing stock price $94.50 on the trading day immediately preceding the time of the pricing of the notes offering. 

Restoration Hardware intends to use this additional capital to fund its business initiatives including the expansion of its business and the pursuit of additional growth opportunities. The notes will not bear interest and will mature on July 15, 2020, unless earlier purchased by the company or converted. The notes will be convertible into cash, shares of Restoration Hardware’s common stock or a combination thereof at Restoration Hardware’s election.



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