National Financial holders may convert or put 4% notes until July 22

By Susanna Moon

Chicago, July 2 - National Financial Partners Corp. holders may convert or put their 4% convertible senior notes due 2017 until July 22, according to an 8-K filing with the Securities and Exchange Commission.

The notes are putable and convertible because the fundamental change clause under the notes was triggered by the company's recent merger.

Holders may put their notes at par plus accrued interest.

Holders who convert their notes will receive an amount for each $1,000 principal amount equal to the product of the merger price of $25.35 per share and the conversion rate, which is currently 77.6714 but temporarily increased to 81.0527 for those who elect to convert their notes by 12:01 a.m. ET on July 22.

The company's stock (NYSE: NFP) closed at $25.34 on July 1.

The issuer is a New York-based provider of benefits, insurance and wealth management services.

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