American Eagle Outfitters, Inc. (AEO), a leading global specialty retailer, has announced the pricing of its offering of US$400 million aggregate principal amount of 3.75% convertible senior notes due 2025 in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. AEO also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional US$60 million aggregate principal amount of notes in the private placement. The issuance and sale of the notes is scheduled to settle on or about April 27, 2020, subject to customary closing conditions.
Latham & Watkins LLP represented the initial purchasers with a corporate deal team led by New York partners Michael Benjamin and Greg Rodgers, with Chicago associate Scott Westhoff and New York associates Thomas Gabay, Ryan Gold, Claire Solimine, and Ian Lachow. Advice was also provided on tax matters by New York partner Bora Bozkurt, with associate Ronald Moore.