L-1 Identity amends conversion terms of 3.75% notes on Safran merger

By Susanna Moon

Chicago, July 26 - L-1 Identity Solutions, Inc. amended the conversion provisions of its $175 million principal amount of 3.75% convertible senior notes due 2027 after the acquisition by Safran SA, according to an 8-K filing with the Securities and Exchange Commission.

The notes are convertible into the cash amount that the holder would have received under the merger if they had been converted immediately prior to the merger, which amounts to a conversation rate of $375 per $1,000 principal amount of notes.

The deal was completed on Monday under a merger between L-1 and Laser Acquisition Sub Inc., a wholly owned subsidiary of Safran.

L-1 Identity is a Stamford, Conn.-based provider of protection and security of personal identities and assets.

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