Bradlees Repurchases $9 Million of Convertible Notes.Business Editors BRAINTREE, Mass.--(BUSINESS WIRE)--Dec. 21, 1999 Bradlees, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BRAD) today announced that it has repurchased approximately $9 million of its approximately $12 million outstanding 9% Convertible Notes. The Notes were repurchased with cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses at a price equal to 86% of the principal amount plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , pursuant to an agreement the Company had entered into with such Noteholders in August 1999. Approximately $3 million in Notes were not tendered and are not being redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. . Bradlees Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Peter Thorner said, "We are pleased that our successful performance this year allows us to strengthen our balance sheet with the paydown of these Notes at a substantial discount." Bradlees is a leading regional discount retailer with 104 stores in seven Northeastern states and 1998 sales of $1.4 billion. Bradlees offers an assortment of merchandise focused on basic and casual apparel, basic and fashion items for the home, and commodity and convenience products. General information about Bradlees, including corporate background and press releases, is available on the internet at http://www.bradlees.com. To find the nearest store location call toll-free 1-877-272-3533 or visit the web site. |
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