Quanex holders may convert 2.5% notes through Oct. 31

By Devika Patel

Knoxville, Tenn., Aug. 2 - Quanex Corp. announced that holders of its $125 million of 2.5% convertible senior debentures due May 15, 2034 may convert their securities through Oct. 31.

The notes are convertible because the closing price of the Quanex's stock exceeded the contingent conversion threshold price of $30.54 for at least 20 of the last 30 trading days of the previous quarter.

The company will pay cash for the principal amount of the debentures. It may pay any premium obligation with shares, cash or a combination of the two.

Quanex is a Houston-based manufacturer of components for the vehicle and building products industries.

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