FLIR Systems begins exchange offer for 3% convertibles

By Angela McDaniels

Tacoma, Wash., Feb. 5 - FLIR Systems, Inc. said it began an exchange offer for its $191.4 million of outstanding 3% senior convertible notes due 2023.

The company is offering $20 in cash and 90.1224 shares of FLIR Systems common stock for each $1,000 principal amount of notes exchanged. No accrued interest will be paid.

The number of shares being offered per note is the same as the number of shares a holder would receive upon conversion at the current conversion rate, according to a company news release.

The offer will expire at 5 p.m. ET on March 9 and is expected to settle on March 11.

FLIR Systems said its purpose in making the offer is to reduce the amount of its outstanding debt and interest expense.

Global Bondholder Services Corp. (866 470-4200) is the information agent for the offer.

FLIR Systems is a Portland, Ore.-based maker of thermal imaging and stabilized camera systems.

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