HSN COMPLETES $100M OFFERING
NEW YORK — Home Shopping Network Inc. completed a $100 million convertible subordinated debenture offering maturing March 1, 2006.
The debentures will bear interest at the rate of 5 7/8 percent and convert into common shares after May 1 at $12 a share.
HSN stock closed Monday at 11, up 1/2 on the New York Stock exchange.
The St. Petersburg, Fla.-based company will initially use all the proceeds to repay borrowings under its revolving credit facility. The repayment will bring the total outstanding under the new facility to $30 million, leaving $90 million available for borrowing.