debt
confidence high
sentiment neutral
materiality 0.60
Burlington Stores to exchange $146.4M of 2.25% convertible notes for cash and stock
Burlington Stores, Inc.
- Aggregate principal of $146,373,000 exchanged for $86,966,931 cash and 459,944 common shares.
- Closing expected on September 9, 2021, subject to customary conditions.
- Privately negotiated exchange agreements with certain note holders reduce convertible debt.
- Stock issuance represents less than 1% of outstanding shares; debt reduction may lower interest expense.