By Angela McDaniels
Tacoma, Wash., May 26 - Accuride Corp. registered $140 million of 7.5% senior convertible notes due 2020 for trading in an S-1 filing with the Securities and Exchange Commission on Wednesday.
The convertibles were issued upon the company's emergence from Chapter 11 bankruptcy in February.
Interest is payable in kind through Feb. 26, 2013. When this PIK interest is included, the principal amount of convertibles registered for trading is $174.6 million.
The conversion ratio is 1,333.3333 shares of common stock per $1,000 principal amount, which is equivalent to a conversion price of $0.75.
The notes are callable at par beginning Feb. 26, 2013 if the company's closing stock price is at least 2.25 times the conversion price for 20 out of 30 consecutive trading days.
Accuride manufactures commercial vehicle components and is based in Evansville, Ind.
| Issuer: | Accuride Corp.
|
| Issue: | Senior convertible notes
|
| Amount: | $140 million
|
| Maturity: | Feb. 26, 2020
|
| Coupon: | 7.5%, payable in kind through Feb. 26, 2013 and then in cash
|
| Conversion ratio: | 1,333.3333
|
| Conversion price: | $0.75
|
| Call option: | At par beginning Feb. 26, 2013 if closing stock price is at least 2.25 times the conversion price for 20 out of 30 consecutive trading days
|
| Stock symbol: | OTCBB: ACUZ
|
| Stock price: | $1.33 at close May 26
|
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