Blackstone Buys $200M Crocs Stock, Receives 13% Ownership

Law360, New York (January 28, 2014, 4:34 PM EST) -- Blackstone Group LP has purchased $200 million of Crocs Inc.'s newly issued series A convertible preferred stocks in a deal that gives Blackstone about 13 percent ownership of the footwear manufacturer, Crocs said Monday.

According to a Monday Crocs press release, the stock Blackstone is receiving in the deal — which has been speculated upon since November 2013 — has a 6 percent cash dividend rate and is convertible into shares of common stock at a conversion price of $14.50 per share. That conversion price represents...
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