Amdocs waives stock settlement rights for convertible put

New York, Nov. 3 - Amdocs Ltd. said it has waived the right to settle the put option on its $450 million of 0.5% convertible senior notes in stock.

The St. Louis customer relationship management software company will now pay any put exercise in cash.

Previously Amdocs had the right to pay the put in cash, stock or a combination.

Amdocs made the change in response to the new Financial Accounting Standards Board rule on accounting for contingently convertible securities. Following the amendment, the new regulation is expected to have "no impact" on the company's financial results.

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