Actuant announces redemption of all $117.59 million of 2% convertibles

By Tali David

Minneapolis, March 29 - Actuant Corp. plans to redeem all $117,591,000 of its 2% senior subordinated convertible notes due 2023, according to a press release.

The convertibles will be redeemed at par plus accrued interest on April 27.

Actuant said the notes are convertible at any time before 5 p.m. ET on April 26 at a rate of 50.6554 shares of common stock per $1,000 principal amount, or $19.74 per share.

The company's stock closed at $29.28 (NYSE: ATU) on March 29.

Actuant makes industrial products and systems and is based in Menomonee Falls, Wis.

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