Power-One holders to convert all 6%/8%/10% notes ahead of redemption

By Susanna Moon

Chicago, Oct. 27 - Power-One, Inc. holders plan to convert all of its 6%/8%/10% convertible senior notes due 2019 ahead of the Nov. 23 redemption date, according to an 8-K filing with the Securities and Exchange Commission.

The company said holders plan to convert all of the notes into 36,375 shares of series C junior participating convertible preferred stock, which will be convertible into 26,944,444 common shares.

Holders could convert their notes prior to redemption into common shares or into the non-voting convertible preferreds.

Forced conversion

Power-One also plans to automatically convert any outstanding series A convertible preferred stock on Nov. 8.

The series A preferreds will be converted into the company's common stock at a price of $1.35 per share, which is a rate of 740.7407407 shares per preferred.

That means that all of the outstanding series A preferreds will be converted into 17.5 million shares on the conversion date.

Power-One makes photovoltaic inverters and is based in Camarillo, Calif.

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