Lockheed Martin lifts conversion rate on floaters to 13.7998

By Devika Patel

Knoxville, Tenn., June 2 - Lockheed Martin Corp. said it will adjust the conversion rate of its $1 billion outstanding floating-rate convertible senior debentures due 2033 to 13.7998 shares from 13.6528 shares for each $1,000 of debentures.

The conversion price will now be $72.46.

The adjustment will take effect immediately prior to the opening of business on June 3.

The adjustment is due to Lockheed Martin's declaration of dividends greater than the quarterly dividend threshold amount of $0.12 per share specified in the notes' indenture.

Lockheed Martin is a Bethesda, Md.-defense contracting company.

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