Oil States International's 2.375% convertible notes may be converted

By Devika Patel

Knoxville, Tenn., Aug. 5 - Holders of Oil States International, Inc.'s $175 million in 2.375% convertible notes may elect to convert their securities in the quarter beginning June 30, according to a 10-Q filed Thursday with the Securities and Exchange Commission.

The investors will receive up to $1,000 in cash for each note, plus common stock for any amounts over $1,000, using the conversion rate of 31.496 multiplied by the company's average common stock price over 10 trading days following the conversion notice.

As of June 30, the trading prices of the notes exceeded their conversion value. Based on recent trading patterns, the Houston-based oil services company does not expect any significant amount of the notes to be converted in the next year.

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