Trinity Industries 3.875% subordinated notes convertible till June 30

By Marisa Wong

Madison, Wis., April 1 - Trinity Industries, Inc.'s 3.875% convertible subordinated notes due 2036 are now convertible for the period from April 1 to June 30, according to an 8-K filing with the Securities and Exchange Commission.

The notes have become convertible as a result of the last reported sales price of the company's common stock equaling or exceeding 130% of the conversion price for at least 20 of the last 30 consecutive trading days ended March 31.

The current conversion rate of the notes is 19.7262 shares per $1,000 principal amount of notes.

Upon conversion, a holder will be entitled to receive cash and, to the extent that the daily conversion value exceeds $50.00, a whole number of common shares.

In addition, the company may choose to make the entire conversion payment in cash.

The notes may continue to be convertible after June 30 if one or more conditions specified in the notes' indenture are satisfied during future measurement periods, the filing noted.

The Dallas-based company's stock (NYSE: TRN) closed at $72.07 on March 31.

Trinity manufactures transportation, construction, and industrial products.

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