Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for American Financial Group, Inc. > News item |
American Financial notes remain convertible through first quarter
By Angela McDaniels
Seattle, Jan. 3 - American Financial Group, Inc. said that holders of its senior convertible notes will continue to be able to convert the notes through March 31.
The notes are convertible into 17.2524 common shares. The rate was adjusted to reflect the 3-for-2 stock split performed by the company on Dec. 15.
The notes remain convertible because the closing price of the company's stock was more than 120% of the accreted conversion price for at least 20 of the last 30 trading days of the fourth quarter, according to a company news release.
The conversion price is $25.84 per share, and American Financial's stock closed at $35.91 (NYSE: AFG) on Friday.
As allowed under the note indenture, the company plans to pay cash instead of shares for converted notes. The amount of cash to be paid will equal 17.2524 times the average closing sale price of the common stock for the five consecutive trading days following the conversion date for each holder.
American Financial is a Cincinnati-based property and casualty insurer.
© 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.