Fluor holders convert $10 million 1.5% convertibles in first quarter

By Angela McDaniels

Tacoma, Wash., May 10 - Fluor Corp.'s $330 million of 1.5% convertible senior notes due 2024 were convertible during the first quarter, and holders converted $10 million principal amount during that time.

The notes were converted in exchange for the principal balance owed in cash plus 133,982 shares of common stock, according to the company's 10-Q report for the quarter filed with the Securities and Exchange Commission.

The notes are convertible if a specified trading price of the company's common stock is achieved and maintained for a specified period. The trigger price condition was satisfied during the fourth quarter of 2009 and first quarter of 2010.

The company noted that if any further notes are converted, available cash balances will be used to satisfy the principal and interest and shares will be issued to satisfy any appreciation between the conversion price and the market price on the date of conversion.

Fluor provides engineering, procurement, construction, maintenance, and project management services and is based in Irving, Texas.

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