June 18, 2009 (FinancialWire) — Liz Claiborne, Inc. (NYSE: LIZ) said it plans to offer $75 million of convertible senior notes due 2014. The company plans to grant the initial purchasers in the offering an option to purchase up to an additional $15 million of notes to cover over-allotments.

The notes will be unsecured, senior obligations of the company, will pay interest semi-annually, and will be convertible, under certain circumstances, into cash, shares of the company’s common stock, or a combination of cash and shares, at the option of Liz Claiborne.

Liz Claiborne plans to use the net proceeds from the offering to temporarily pay down a portion of the outstanding borrowings under its amended credit facility.

New York-based Liz Claiborne designs and markets a portfolio of retail-based brands including Juicy Couture, Kate Spade, Lucky Brand Jeans and Mexx. The company also has a group of department store-based brands with consumer franchises including the Liz Claiborne and Monet groups of brands, Mac & Jac, Kensie and Dana Buchman and the licensed DKNY Jeans, DKNY Active and DKNY Mens brands.

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