Wednesday, Pier 1 Imports Inc. (PIR) said its $61.3 million 9% convertible senior notes due 2036, which were issued in August 2009, have been fully converted into shares of its common stock. In connection with this conversion, the company made cash payments to holders of the convertible debt in the amount of $14.8 million for accrued and additional make whole interest and issued slightly less than 24.5 million shares upon conversion settlement.
As a result, during the third quarter, the company will incur one-time, non-operating charges totaling approximately $18 million to record amortization of debt issuance costs, debt discounts, derivative market adjustments and additional make-whole interest. At end of the third quarter, the company expects that its remaining long-term debt will be approximately $35.6 million, including $19 million in industrial revenue bonds and $16.6 million of 6.375% convertible senior notes due 2036.
Pier 1 Imports Inc., together with its subsidiaries, operates as a specialty retailer of imported decorative home furnishings, gifts, and related items. Its stores offer furniture, decorative home furnishings, dining and kitchen goods, epicurean products, bath and bedding accessories, candles, and other specialty items for the home.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.