March 12, 2010 (FinancialWire) — Hasbro, Inc. (NYSE: HAS) has closed a public offering of $500 million in aggregate principal amount of notes due 2040. The notes will bear interest at a rate of 6.35 percent per annum, beginning March 11, 2010, with semi-annual payments commencing September 15, 2010.

The company plans to use the net proceeds from the sale of the notes to effectively replace its outstanding 2.75% convertible debentures due 2021 by using the net proceeds from this offering to repurchase and retire into treasury the number of shares resulting from the potential conversion of these debentures in order to offset the dilutive impact of such conversion.

As of December 27, 2009, Hasbro had around $249.8 million in principal amount of these convertible debentures outstanding.

The remainder of the net proceeds may be used for general corporate and working capital purposes.

Rhode Island-based Hasbro offers children’s and family leisure time products and services.

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