Jakks looks to raise $85M in offering
By Staff -- Playthings, 11/5/2009 7:59:00 AM
MALIBU, Calif.—Jakks Pacific has priced $85.0 million worth of convertible senior notes due in 2014.
The toymaker intends to use the net proceeds from the offering, along with cash on hand, to repurchase all or a portion of its 4.625 percent convertible senior notes due 2023. In the event Jakks is unable to repurchase the 2023 notes on satisfactory terms, the company may use proceeds from the placement for general corporate purposes.
Jakks anticipates closing the offering on November 10. The company will pay interest on the notes semi-annually at a rate of 4.50 percent per year and offer a conversion rate of 63.2091 shares of Jakks common stock per each $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $15.82 per share of common stock.
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