Dallas, Texas 07/19/2013 (Financialstrend) – JAKK had announced on 17 July, 2013 that the firm planned to offer $100 million in total principal amount of exchangeable senior noted due 2018 in a confidential placement subject to market and other circumstances. JAKK intends to grant the initial purchaser of the notes a 30 day option to acquire up to $15 million in key amount of added notes to cover over-allotments. The notes shall be convertible at the option of the holder and based on conversion, the notes shall be settled in shares of its general stock, except that amount shall be paid in lieu of any partial shares. The conversion price, interest rate & other terms will be finalized by negotiations between the initial purchaser of the notes and JAKKS. The notes will be JAKKS senior unsecured obligations and shall grade equal in right of compensation with all of JAKKS’ existing and future senior unsecured indebtedness.
JAKK had announced the second quarter results ended June 30, 2013 and as per the report the company’s net sales was $106.2 million compared to $145.4 million reported in the comparable period in 2012. The net loss reported for the second quarter was $46.9 million or $2.14 per diluted share. The firm is facing some woes as it struggles to try to win in the toy aisle. The management had announced that it will ratify a reorganization plan in the 3rd quarter in a bid to hack expenses and return to profitability in 2014.
Shares of JAKKS Pacific, Inc. (NASDAQ:JAKK) had moved on to lose 39.07% on Friday and thereby closed at $6.99 per share for the day. The company had recorded intraday price fluctuations moving from as low as $6.90 to as high as $8.90 on the day. The 52 week low for the stock is at $6.90 and 52 week high is at $8.90 per share.
The company holds 22.31 million shares and 89% of institutional ownership with a market cap of $156.03 million. On Friday, there had been a trading volume of 9.01 million shares of the company while the average is at 130,511 million shares per day.