Loading...
Loading...
Textron
announced today that its 4.5% Convertible
Senior Notes due 2013 (CUSIP #883203BN0) (the “Notes”) will be convertible at
the option of the holders through December 31, 2012, the last day of the
fourth calendar quarter, as provided in the Indenture, dated as of September
10, 1999, between Textron and The Bank of New York Mellon Trust Company, N.A.,
as Trustee, as supplemented by the Supplemental Indenture, dated as of May 5,
2009 (the “Indenture”).
The Notes will be convertible because Textron's common stock price exceeded
the conversion threshold price of $17.06 per share (130 percent of the
applicable conversion price of $13.125 per share) for at least 20 trading days
during the 30 consecutive trading days ending September 28, 2012.
As a result, during the fourth calendar quarter, holders of the Notes may
elect to convert some or all of their Notes. Whether the Notes will be
convertible at any time after December 31, 2012 will depend on whether any of
the conversion conditions specified in the Indenture are satisfied, including
whether the price of Textron's common stock exceeds the conversion threshold
price for the requisite number of trading days during subsequent quarters.
The Company may deliver shares of common stock, cash or a combination of cash
and shares of common stock in satisfaction of its obligations upon conversion
of the Notes.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in