Altra Industrial Motion issues make-whole call for 2.75% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 12 – Altra Industrial Motion Corp. plans to redeem all of its outstanding 2.75% convertible senior notes due 2031 on Jan. 12, according to a company news release.

The redemption price will be par plus accrued interest plus a make-whole premium equal to the present value of the remaining scheduled payments of interest through March 1, 2018 (excluding interest accrued up to but excluding the redemption date). The make-whole premium will be paid in cash.

The redemption has been approved by the board of directors.

The notes are convertible until 5 p.m. ET on Jan. 9. The company will settle conversions in stock.

The conversion price is $25.70 per share. The company’s stock closed at $38.90 (Nasdaq: AIMC) on Dec. 12.

Altra Industrial Motion is a Braintree, Mass.-based supplier of electromechanical power transmission and motion control products.

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