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CMRG to repurchase up to $75 mn of its Common Stock

Dec '06
Casual Male Retail Group Inc announced that it will redeem $40 million principal amount of the Company's 5% Convertible Senior Subordinated Notes due January 1, 2024, of which $94.8 million are currently outstanding. The redemption date will be January 8, 2007.

Because the shares of Common Stock of CMRG are currently trading well above the conversion price of the notes ($10.65 per share), the Company expects that note-holders will choose to convert their notes into Common Stock, as a result of the redemption. It is currently the Company's intention to redeem the balance of the notes shortly after the redemption date, subject to certain conditions.

All note-holders who wish to convert their notes into shares of Casual Male's Common Stock must give proper notice to the trustee on or before January 5, 2007. Each $1,000 in principal amount of convertible notes may be converted into 93.90 shares of Common Stock. The Company will issue cash in lieu of any fractional shares.

By way of example only, if the redemption had taken place on December 15, 2006, and based on the Closing price of $13.96 a share of Common Stock on December 14, 2006, a holder of $1,000 in principal amount of the notes would have received 93 shares of Common Stock, having a market value of $1,298, and $12.52 in cash for the fractional share.

The Company also announced that the Company's Board of Directors has authorized the Company to repurchase up to $75 million of its Common Stock during 2007 through open market and privately negotiated transactions pursuant to Rule 10b-18 of the Securities and Exchange Commission.

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