American Eagle Outfitters in its $550 million convertible notes exchange and $200 million accelerated share repurchase

On June 3, 2022, American Eagle Outfitters, Inc. announced that it has entered into privately negotiated exchange agreements with holders of $342 million aggregate principal amount of its 3.75% Convertible Senior Notes due 2025, to exchange their 2025 Notes for 34.7 million shares of Company common stock and $136.1 million in cash, in the aggregate.  The Company also announced its entry into an accelerated share repurchase agreement, which provides for the repurchase of approximately $200 million of the Company’s common stock, subject to customary adjustments.  Wachtell, Lipton, Rosen & Katz is serving as a legal advisor to American Eagle Outfitters.