UniSource Energy holders convert $39.3 million of 4.5% notes

By Toni Weeks

San Diego, April 17 - UniSource Energy Corp. said that holders of $39,295,000 principal amount of the company's 4.5% convertible senior notes due 2035 converted their notes into shares of the company's common stock rather than having their notes redeemed, the company announced in a press release.

Each $1,000 of convertibles was converted into 29.001 shares of common stock, representing a price of $34.48 per share. A total of 1,139,578 shares of common stock were issued.

The remaining $705,000 of convertible notes selected for redemption was redeemed for cash on April 17 at a redemption price of par plus accrued interest.

As previously reported, the company planned to redeem $40 million of the notes on April 17. Noteholders who opted to convert their notes into shares of the company's common stock needed to do so before 5 p.m. ET on April 16.

The Bank of New York Mellon was the trustee.

UniSource is a Tucson, Ariz.-based electric utility. The company's shares (NYSE: UNS) closed at $35.75 per share on Monday.

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