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Eaton Vance LYONs holders convert 99.99% of notes ahead of redemption
By Laura Lutz
Des Moines, Aug. 18 - Eaton Vance Management said holders of $110.939 million principal amount at maturity, or 99.994%, of its $110.945 million principal amount at maturity of outstanding Liquid Yield Option Notes due 2031 converted the securities to stock ahead of the exchange deadline on Aug. 10.
The notes could be exchanged for non-voting common stock at a rate of 28.7314 shares of common stock per $1,000 principal amount.
Eaton Vance elected to pay cash instead of delivering stock for the exchanged notes. As a result, the company paid $86.2 million to holders who presented their notes for exchange.
The remaining notes were redeemed for cash. The company paid $4,130 for the $6,000 principal amount at maturity of notes that were not exchanged.
The company's stock (NYSE:EV) closed at $27.65 on Aug. 18.
Eaton Vance Management is a subsidiary of Eaton Vance Corp., a Boston-based investment management firm.
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