Life Technologies to pay contingent interest on 2% convertible notes

By Susanna Moon

Chicago, Aug. 2 - Life Technologies Corp. said that holders may receive contingent interest for the quarterly interest period beginning Aug. 1 on the company's 2% convertible senior notes due 2023.

The contingent interest period continues up to but not including Aug. 6, the redemption date of the bonds, which were called on July 7.

The contingent interest is payable because the average trading price of the notes was 120% or more of par for the relevant measurement period.

The amount of contingent interest payable will be 0.35% of the average trading price of the notes over the measurement for the contingent interest payment.

U.S. Bank NA is the trustee (800 934-6802).

As of June 30, there was $349,544,000 of the notes outstanding.

Life Technologies previously said the notes are convertible at any time prior to 5 p.m. ET on Aug. 5 at a rate of 29.3094 shares of common stock per $1,000 principal amount of notes, which is equivalent to a conversion price of $34.12.

The company's stock (Nasdaq: LIFE) closed at $46.33 on July 6 and at $44.80 on Aug. 2.

Life Technologies is a Carlsbad, Calif.-based biotechnology tools company.

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