Textron share price triggers convertibility of 4.5% notes through Q3

By Susanna Moon

Chicago, June 30 - Textron Inc. said its 4.5% convertible senior notes due 2013 will remain convertible through Sept. 30, or the last trading day of the third calendar quarter, extended from June 30.

The notes continue to be convertible because Textron's common stock price exceeded the conversion threshold price of $17.06 per share, or 130% of the conversion price of $13.125 per share, for at least 20 trading days during the 30 consecutive trading days ending June 30.

Textron shares (NYSE: TXT) closed at $23.21 on June 29.

The notes were convertible through June 30 because the company's share price rose above the trigger price for the period ending March 31.

The Bank of New York Mellon Trust Co., NA is the trustee.

The company may deliver shares of common stock, cash or a combination of cash and shares of common stock upon conversion of the notes.

Textron is an aircraft, industrial and finance company based in Providence, R.I.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.