Fair Isaac plans exchange for 1.5% convertibles

New York, Feb. 22 - Fair Isaac Corp. said it plans to exchange its $400 million 1.5% senior convertible notes due 2023 for new securities that will convert into cash or cash and stock, subject to conditions. The existing notes are convertible into stock only.

The new notes will also pay a make-whole premium in certain circumstances for conversions that are the result of a change of control.

The Minneapolis analytics company said the exchange is to allow it to use the treasury stock method of accounting for the shares that would be issued on conversion of the notes.

Under the exchange, the new notes will be issued on a one-for-one basis for the existing notes.

Other terms of the new notes will be the same as the existing securities.

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