EnerSys stock price triggers convertibility of 3.375% notes due 2038

By Toni Weeks

San Luis Obispo, Calif., Jan. 2 - EnerSys announced that its 3.375% convertible senior notes due 2038 are now convertible through March 31, according to an 8-K filing with the Securities and Exchange Commission.

The notes became convertible because the last sale price of EnerSys's common stock for at least 20 trading days within 30 consecutive trading days ended Dec. 31 exceeded 130% of the conversion price of the company's common stock on the last trading day during that period.

The conversion rate is 24.7935 common shares per $1,000 principal amount of notes due to the effect of cash dividends paid on EnerSys's common stock, the company said in the filing. The company's common shares (NYSE: ENS) closed at $70.09 on Dec. 31.

EnerSys said it currently intends to settle the principal amount of any conversions in cash, with the conversion value above the principal amount to be settled in cash or shares or a combination.

Reading, Pa.-based Enersys is a provider of stored energy solutions for industrial applications and manufactures, distributes and services reserve power and motive power batteries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.