SANTA MONICA, Calif.--(BUSINESS WIRE)--Nov. 8, 2017--
JAKKS Pacific, Inc. (NASDAQ: JAKK) is pleased to announce the Company
has completed the previously announced transaction with Oasis to
exchange $21.55 million face amount of 4.25% Convertible Senior Notes
due in 2018 for a new Convertible Senior Note due 2020 which would
extend the maturity date to November 2020 and reduce the interest rate
to 3.25%, if paid in cash. After such exchange, the remaining
outstanding balance of the face amount of the 2018 Notes will have been
reduced to approximately $21.2 million.
The new note is convertible at the option of the holder. The initial
conversion price is $3.05 or 117.25% of the closing market price on the
day preceding consummation of the exchange. The note has a 9.99%
beneficial ownership limit of the Company’s issued and outstanding
shares of common stock upon conversion. In addition, the Company will
seek approval in order to deliver shares which would exceed 19.9% of
the Company’s issued and outstanding shares of common stock on the
closing date of the Note exchange. The Company has retained the option
to satisfy its conversion obligation by paying or delivering, cash
shares, or a combination in order to satisfy its conversion obligation.
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. (NASDAQ: JAKK) is a leading designer, manufacturer
and marketer of toys and consumer products sold throughout the world,
with its headquarters in Santa Monica, California. JAKKS Pacific’s
popular proprietary brands include BIG-FIGS™, XPV®, Max Tow™ and
Friends, Disguise®, Moose Mountain®, Funnoodle®, Maui®, Kids Only!®; a
wide range of entertainment-inspired products featuring premier licensed
properties; and, C’est Moi™, a youth skincare and makeup brand. Through
JAKKS Cares, the company’s commitment to philanthropy, JAKKS is helping
to make a positive impact on the lives of children. Visit us at www.jakks.com and
follow us on Instagram (@jakkstoys),
and Facebook (JAKKS
© 2017 JAKKS Pacific, Inc. All rights reserved.
Forward Looking Statements
This press release may contain “forward-looking statements” (within the
meaning of the Private Securities Litigation Reform Act of 1995) that
are based on current expectations, estimates and projections about JAKKS
Pacific's business based partly on assumptions made by its management.
These statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what
is expressed or forecasted in such statements due to numerous factors,
including, but not limited to, those described above, changes in demand
for JAKKS' products, product mix, the timing of customer orders and
deliveries, the impact of competitive products and pricing, and
difficulties with integrating acquired businesses. The “forward-looking
statements” contained herein speak only as of the date on which they are
made, and JAKKS undertakes no obligation to update any of them to
reflect events or circumstances after the date of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171108005527/en/
Source: JAKKS Pacific, Inc.
Sara Rosales Montalvo, 424-268-9363