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Lennox says all 6.25% notes converted ahead of redemption
New York, Oct. 10 - Lennox International Inc. said all its $143.75 million of 6.25% convertible subordinated notes due 2009 were exchanged for stock ahead of their previously announced redemption.
The Dallas-based heating, ventilation, air conditioning and refrigeration company issued 7.95 million shares for the notes.
On Sept. 7, Lennox announced it would redeem all the convertibles at a price of 103.571% plus accrued interest up to but excluding the redemption date of Oct. 7.
Before the close of business on Oct. 6, noteholders could convert their securities at a conversion price of $18.09 per share, equal to 55.2868 shares of Lennox stock per $1,000 principal amount of notes.
At the time, the company said it expected all the notes would be converted into its stock, noting its stock price has increased over 65% since the convertibles were issued on May 2, 2002. On Friday, Lennox stock closed at $26.37.
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