Charming Shoppes Finalizes Sale of $130M in Senior Notes
NEW YORK — Charming Shoppes Inc. completed its sale of $130 million of senior convertible notes to institutional investors, the firm said Tuesday. The notes mature in 2012 and bear an annual interest rate of 4.8 percent.Initial purchasers of the...
NEW YORK — Charming Shoppes Inc. completed its sale of $130 million of senior convertible notes to institutional investors, the firm said Tuesday. The notes mature in 2012 and bear an annual interest rate of 4.8 percent.Initial purchasers of the debt were given a 30-day option to acquire up to another $20 million of the notes to cover overallotments.The securities can be converted into Charming’s common stock at $9.88 a share.Last week, Standard & Poor’s rated the proposed bond offering at “BB minus.” The rating agency also affirmed the same status for Charming’s overall corporate credit rating. S&P analyst Diane Shand, in a statement, said the ratings “reflect the company’s high business risk, given its participation in the highly competitive and volatile specialty apparel industry. “This is mitigated, somewhat, by the company’s good position in the faster-growing larger-size women’s specialty apparel segment,” she noted.The Bensalem, Pa.-based firm, as of the end of the first quarter, operated 2,415 doors in 48 states under various nameplates including Lane Bryant and Fashion Bug."
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)