Saks gives notice of right to convert convertible notes

11 Jan '08

1 min read

Retailer Saks Incorporated announced that it has determined that holders of its $230 million 2% Convertible Senior Notes due March 15, 2024 are entitled to convert the Convertible Notes into shares of the Company's common stock due to the closing price of the Company's common stock exceeding 120% of the Convertible Notes conversion price for at least 20 trading days out of the last 30 trading days in the quarter ended December 31, 2007.

Holders of the Convertible Notes may convert them into shares of the Company's common stock until March 31, 2008 in accordance with, and subject to, the terms of the Convertible Notes indenture.

Holders of the Convertible Notes desiring to exercise their conversion right should contact The Bank of New York Trust Company, N.A., the Conversion Agent for the Convertible Notes, at the following address:

The Bank of New York
Reorganization Department - 7E
101 Barclay Street
New York, NY 10286
Phone: 212-815-2742

Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and saks.com. The Company also operates Club Libby Lu specialty stores.

Saks Incorporated

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