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Yahoo! holders convert zero-coupon convertibles ahead of maturity
By Angela McDaniels
Tacoma, Wash., May 8 - Yahoo! Inc. said all $750 million of its zero-coupon senior convertible notes due April 1, 2008 were converted into common stock prior to maturity.
The company made the disclosure in its 10-Q report for the quarter ended March 31, which was filed with the Securities and Exchange Commission on Thursday.
Holders had converted $167 million of the notes as of March 31, and the remaining $583 million of notes were converted on April 1.
In total, the company issued 36.5 million shares in exchange for the notes.
The notes were convertible into Yahoo! common stock at a conversion price of $20.50 per share if the company's stock reached $22.50 for a defined period of time. This threshold was met for the quarters that began Jan. 1 and April 1, according to the SEC filing.
Yahoo! is an internet brand and internet services provider based in Sunnyvale, Calif.
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