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BorgWarner
BWA today announced that it has successfully settled all conversions of its 3.50% Convertible Senior Notes due 2012 (the "Notes"). The company delivered approximately 11.4 million shares of its common stock, previously held in Treasury, to converting Noteholders, which is equivalent to the aggregate amount of Notes converted, or approximately $374 million, divided by $1,000, and multiplied by a conversion rate of 30.4706. As a result of this settlement activity, the company's balance sheet debt was reduced, and its stockholders' equity increased, by approximately $374 million, the impact of which will be seen in the company's second quarter financial statements.
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