This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

School Specialty Announces Exchange Transaction To Retire 3.75% Convertible Subordinated Debentures Due 2026

Stocks in this article: SCHS

GREENVILLE, Wis., Feb. 24, 2011 (GLOBE NEWSWIRE) -- School Specialty (Nasdaq:SCHS ) has entered into separate, privately-negotiated exchange agreements under which it will retire $100 million in aggregate principal of its outstanding 3.75% Convertible Subordinated Debentures due 2026 (the "Existing Debentures") in exchange for its issuance of $100 million in aggregate principal of new 3.75% Convertible Subordinated Debentures due 2026 (the "New Debentures"). Following these transactions, $100 million in principal amount of the Existing Debentures will remain outstanding.

The New Debentures mature in 2026 and will pay interest semi-annually at a rate of 3.75% per year in respect of each $1,000 original principal amount of New Debentures and their principal will accrete at a rate of 3.9755% per year, compounding on a semi-annual basis. The New Debentures will be convertible, at the option of School Specialty, into cash or a combination of cash and shares of School Specialty common stock upon satisfaction of certain conditions. Shares of School Specialty common stock issuable upon conversion of the New Debentures have been reserved for issuance.

Holders of the New Debentures have the option to require School Specialty to purchase the New Debentures outstanding on November 30, 2014, and certain subsequent dates, at a price equal to the accreted principal amount of the New Debentures delivered for repurchase plus any accrued and unpaid interest on the original principal amount of such New Debentures. School Specialty has the right to redeem the New Debentures beginning May 30, 2014 at a price equal to the accreted principal amount of the New Debentures to be redeemed plus any accrued but unpaid interest on the original principal amount of such New Debentures.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs