Alliant Techsystems' 3% notes due 2024 convertible through March 31

By Marisa Wong

Madison, Wis., Dec. 13 - Alliant Techsystems Inc.'s 3% convertible senior subordinated notes due Aug. 15, 2024 will be convertible at any time from Dec. 30 through March 31, according to an 8-K filing with the Securities and Exchange Commission.

The conversion right was triggered by Alliant's common stock trading at or above 130% of the conversion price, currently $99.45, for at least 20 trading days in the 30-day trading period ending on the last trading day of the preceding quarter. This condition was satisfied on Thursday.

The conversion rate is 13.0717 shares of Alliant common stock per $1,000 principal amount of notes, equivalent to a conversion price of $76.50.

The notes will remain convertible so long as Alliant's stock price continues to meet the 130% hurdle.

Under the terms of the notes, the company must satisfy the principal amount of converted notes solely in cash. Any amounts above the principal amount may be settled in cash, common shares or a combination of cash and stock.

Currently, $199.5 million of the original $200 million principal amount of the 3% convertibles is outstanding.

Arlington, Va.-based Alliant Techsystems is an aerospace, defense and commercial products company.

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