- Restoration Hardware (NYSE:RH) is selling $300M worth of convertible senior notes due 2019. Initial purchasers will have an option to buy another $50M.
- The home furnishings vendor says the proceeds will be used to "fund its business initiatives including the continuing transformation of its real estate platform, paying down higher interest borrowings from the Company's current credit line, and strengthening the Company's balance sheet during the next five years."
- The offering comes with Restoration having made fresh highs following last week's big FQ1 beat. The company ended FQ1 with $10.9M in cash, and $149M outstanding under a revolving credit line.