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RH, formerly known as Restoration Hardware, announced Thursday it is considering a $300 million convertible notes offering due in 2024.
The proceeds from the offering would be used primarily to retire the company's $200 million of second lien debt and reduce outstanding borrowings from its credit facility, RH said in a press release. The move could lower interest expenses by about $6.5 million in the back half of fiscal 2019, and about $18 million on an annual basis.
If it goes through with the offering, the lower interest expense would allow it to boost its earnings forecast between 20 cents and 25 cents per share this year and between 65 cents and 70 cents per share in fiscal 2020.
RH recently reported second-quarter earnings that beat expectations. It earned $3.20 per share, excluding items, on revenue of $707 million, topping estimates that called for earnings of $2.70 per share on $697.8 million in revenue.
In the report, the company hinted that even though it is comfortable with its balance sheet, market conditions for convertible debt seemed attractive to them.
The home furnishings company has been making moves to diversify its offerings, including introducing RH Beach House, a collection of coastal living furnishings. Its gallery in New York, which opened in 2018, has continued to "trend comfortably in excess of $100 million in annualized revenue for fiscal 2019 and will generate more than $30 million of cash contribution in its first full fiscal year," it recently said.
The company said it's on track to open more of its mansion-like, multi-story galleries with restaurants and rooftop parks in locations including Minneapolis, Columbus, Ohio, and Edina, Minnesota by the end of the year.
Prior to be halted for news Thursday, RH shares hit a 52-week high. The stock briefly pared its gains when trading resumed, but shares are up about 3% in midday trading. Its stock is up 44% since the beginning of the year, bringing it to a market cap of $3.2 billion.