Actuant says no contingent interest on tap for convertibles due 2023

By Jennifer Chiou

New York, Nov. 16 - Actuant Corp. announced that its senior subordinated convertible notes due 2023 will not accrue contingent interest for the period from Nov. 16 to May 15, 2012.

The company stated that this is due to the average trading price of the notes during each of the five trading days immediately preceding Wednesday staying below 120% of the principal amount of the securities.

For the six months ended Nov. 15, the company paid contingent interest of $3.36 per $1,000 principal amount of convertibles for a total effective interest rate of 2.672%.

Actuant is a Butler, Wis.-based diversified industrial company.

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