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Timco Aviation Services offering 15% early conversion premium for convertibles
By Ted A. Knutson
Washington, Dec. 21 - Timco Aviation Services, Inc. said it intends to offer a 15% premium to encourage early conversion of its 8% senior subordinated convertible PIK notes due 2006 and 8% junior subordinated convertible PIK notes due 2007.
If a conversion happens on Dec. 31, the company said a holder of $1,000 in principal of the senior notes would receive about 2,164 common shares under the original prospectus plus 342 shares as the early conversion premium. An investor with $1,000 in principal of the junior notes would be eligible for 1,965 shares plus a 15% premium of 294 shares.
The Greensboro, N.C., aviation maintenance company does not expect to redeem the convertibles at any time and that they would therefore convert to stock at maturity.
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