Emcore swaps $14.43 million convertibles due 2006 for convertibles due 2011, to call rest of 2006 notes

New York, Nov. 16 - Emcore Corp. said it exchanged $14.425 million of its existing 5% convertible subordinated notes due May 15, 2006 for $16.580 million of 5% convertible senior subordinated notes due May 15, 2011.

The Somerset, N.J.-based maker of compound semiconductor-based products said it plans to call the remaining $1.35 million of the 2006 convertibles before they mature on May 15, 2006.

The exchange was agreed on Nov. 10 with Alexandra Global Master Fund Ltd. and was scheduled to close Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The new notes are identical to the 5% convertibles issued in an exchange on Feb. 24. They convert into 124.0695 shares per $1,000 principal amount, a price of $8.06 per share.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.