Jakks Pacific Inc. agreed with a holder of its convertible senior notes due in 2018 to exchange $11.548 million face amount of such notes for 865,000 shares of its common stock and approximately $7.0 million in cash. After such exchange the balance of the face amount of the 2018 notes will have been reduced to approximately $54.7 million from approximately $66.3 million.
“Once again, we are pleased with the further enhancement of our balance sheet flexibility that this exchange transaction affords us, and which results in a net reduction in the number of shares of our common stock underlying the 2018 Notes by approximately 456,000 shares,” says Stephen Berman, chairman and CEO, Jakks Pacific.
