By  on March 18, 2013

After close to a year of mulling strategic options, Frederick’s of Hollywood Group Inc. has closed a deal with Five Island Assets Management that will infuse significant capital into the lingerie retailer’s infrastructure.

The company sold $10 million worth of its convertible preferred stock to Five Island Assets, a subsidiary of investment firm Harbinger Group Inc. The preferred stock is convertible into 40 million shares of the company’s common stock at a conversion price of 25 cents a share. It carries a 9 percent dividend, or is payable in additional shares of Series B preferred stock at an annual rate of 12 percent.

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