Warnaco Extends Interest Payment Period On Conv Debentures
04 Dec 14:10
WASHINGTON (Dow Jones)--Warnaco Group Inc. (WAC) extended the interest
payment period on its 6% subordinated convertible debentures by an additional
quarter to March 31, according to a filing released Friday by the Securities
and Exchange Commission.
The current interest payment period had been set to expire Dec. 31, the
filing said.
Warnaco said that although the extension is for one quarter, it expects that
it will continue to extend the interest period quarterly at least through the
earliest maturity date of current financing lines, which is Aug. 12, 2002.
The 6% subordinated convertible debentures due 2016 were assumed by Warnaco
after its 1997 acquisition of Designer Holdings Ltd.
On Oct. 6, Warnaco announced the completion of a $2.56 billion refinancing.
According to the filing, the company believes the new financing agreements,
together with the operational initiatives it has been implementing and
expanding over the last several months, provide a foundation for Warnaco's
future performance.
Based in New York, Warnaco makes intimate apparel, menswear, jeanswear,
swimwear, men's and women's sportswear, better dresses, fragrances and
accessories.
-Dan Lowrey; Dow Jones Newswires/Federal Filings Business News; 202-393-7402
(END) DOW JONES NEWS 12-04-00
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