AGCO holders may convert 1.75% notes due 2033, 1.25% notes due 2036

By Susanna Moon

Chicago, May 6 - AGCO Corp. holders may convert the company's $100.6 million of 1.75% convertible senior subordinated notes due Dec. 31, 2033 and its $201.3 million of 1.25% convertible senior subordinated notes due Dec. 15, 2036, according to a 10-Q filed with the Securities and Exchange Commission.

The closing price of the company's shares exceeded 120% of the conversion price for the two series of convertibles for at least 20 out of the 30 consecutive trading days ended March 31. The conversion price is $22.36 per share for the 1.75% convertibles and $40.73 per share for the 1.25% convertibles.

AGCO's shares closed at $54.28 (NYSE: AGCO) on Thursday.

For each $1,000 principal amount of notes, the conversion rate is 44.7193 common shares for the 1.75% convertibles and 24.5525 shares for the 1.25% convertibles.

Holders converted about $60.4 million principal amount of the 1.75% convertibles in the first quarter, and the company issued 1,568,995 shares for the $83.8 million excess conversion value of the notes.

AGCO is a Duluth, Ga., manufacturer and distributor of agricultural equipment and related replacement parts.

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