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GM issues 28.3 million shares in exchange for $321.98 million 1.5% convertibles
By Jennifer Chiou
New York, Sept. 19 - General Motors Corp. issued 28.3 million common shares in exchange for $321.98 million of its 1.5% series D convertible senior debentures due 2009, according to an 8-K filing with the Securities and Exchange Commission.
The Detroit-based automotive company entered into the agreement to exchange for the notes with a qualified institutional holder.
The agreement provided that the amount of stock GM exchanged for the debentures was based on the daily volume-weighted average price on the New York Stock Exchange during a four-day pricing period.
GM noted that it did not receive any cash proceeds as a result of the exchange, adding that the debentures have been retired and canceled. It said it entered into the agreement to reduce its debt and interest costs.
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