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Comtech to redeem its remaining 3% convertible senior notes due 2029
By Tali Rackner
Norfolk, Va., April 4 - Comtech Telecommunications Corp. plans to redeem the remaining amount outstanding on its $200 million of 3% convertible senior notes due 2029 following a put option, according to an 8-K filing with the Securities and Exchange Commission.
The company said that noteholders may require the company to repurchase some or all of their notes for cash on May 1.
Any remaining notes will be redeemed by the company at par plus accrued interest on May 5.
Holders also have the option to convert some or all of their holdings into shares of the company's common stock at a conversion price of $31.85 per share, a conversion rate of 31.3953 shares per $1,000 original principal amount of senior notes. The company's stock (Nasdaq: CMTL) closed at $32.48 on Thursday.
The Bank of New York Mellon is the trustee.
Melville, N.Y.-based Comtech develops, makes and markets products, systems and services for advanced communications services, including telecommunications transmission, mobile data and RF microwave amplifiers.
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