CommScope to terminate conversion rights for 3.5% debentures June 18

By Jennifer Chiou

New York, May 29 - CommScope, Inc. announced that it has issued a conversion termination notice to holders of its 3.5% convertible senior subordinated debentures due 2024, effective on June 18.

Under the indenture governing the 3.5% convertibles, CommScope can terminate the holders' right to convert in some circumstances if its closing share price exceeds 150% of the conversion price for 20 trading days out of a 30-consecutive-trading-day period.

The conversion price is $10.065. CommScope stock closed at $24.91 (NYSE: CTV) on May 28.

Until June 18, holders may convert their securities for common shares as well as a coupon make-whole payment.

The convertibles were issued in a private placement in March.

The company previously said it would deliver notice of the termination after it completed its proposed public offerings of $200 million of senior subordinated convertible notes due 2015 and 8 million shares of common stock.

CommScope provides infrastructure solutions for communication networks and is based in Hickory, N.C.

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