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Fair Isaac says 99.9% of 1.5% convertibles exchanged
New York, March 28 - Fair Isaac Corp. said it received tenders of $399.674 million or 99.9% of its $400 million of 1.5% convertible senior notes due Aug. 15, 2023.
As announced on Feb. 25, the Minneapolis provider of analytics is offering new notes which are convertible into a combination of cash and stock; the current notes convert into stock only. The new securities will also pay a make-whole premium in certain circumstances upon conversions occurring as a result of a change in control.
Otherwise the new notes are the same as the old.
Fair Isaac said the change will allow it to use the treasury stock method of accounting for the shares that can be issued on conversion of the new notes.
The exchange expired at midnight ET on March 24.
The exchange agent is Wells Fargo Bank NA. The information agent is Georgeson Shareholder Communications Inc. (212 440-9800 (banks and brokers) or 877 278-9674).
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