Intevac issues automatic conversion notice on 6½% convertibles due 2009

New York, Nov. 3 - Intevac, Inc. said it has issued a notice of automatic conversion for its 6½% convertible subordinated notes due 2009.

The $20.103 million principal amount of outstanding notes will be converted into 2,871,857 shares on Nov. 7 at a conversion price of $7.00 per share.

Previously $$9.439 million of the notes had been tendered for conversion by holders, resulting in the issuance of 1,348,426 shares, the Santa Clara, Calif. maker of equipment for thin-film manufacturing said.

Under the terms of the notes, Intevac is able to force conversion if its stock trades at more than 150% of the conversion price for 20 out of 30 consecutive trading days. On Nov. 3, Intevac's stock had traded above $10.50 for 20 out of the last 23 days, the company said.

Intevac's $1.025 million of 6½% convertibles due 2004 are not affected.

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