Crocs has agreed to repurchase the preferred convertible shares of Blackstone Capital Partners, which had acquired them in 2014 as part of a $200 million investment in the company. Crocs will buy back half of the preferred shares at $26.64 each for a total of $183.7 million. The other half will be converted into about 6.9 million common shares that Blackstone has agreed to hold for at least nine months. The equity investment company will also get a one-time payment of $15 million. It will continue to be represented on Crocs board by one director instead of two. Coming after a period in which Crocs has transformed itself, generating better results, the transaction will significantly reduce financial charges and extra dividends. It will be financed in part by Crocs' credit line, which has been raised to $250 million.