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Acxiom calls $175 million 3.75% convertibles
By Caroline Salls
Pittsburgh, Feb. 17 - Acxiom Corp. said it will redeem $175 million outstanding of its 3.75% convertible subordinated notes due 2009 on March 9 at 102.143% of par plus interest accrued up to but excluding the redemption date.
Holders can convert their notes into shares of Acxiom common stock by 5 p.m. ET on March 8 at a conversion rate of 54.79 shares per $1,000 principal amount of the notes, or $18.25 per share.
Acxiom stock closed at $22.25 on Thursday.
The company expects to record a non-cash charge of about $3.4 million in the fourth quarter in connection with the redemption.
If all outstanding notes are converted, the company will avoid about $6.6 million in cash payments annually to Feb. 15, 2009, the maturity date of the notes.
Acxiom is a Little Rock, Ark.-based provider of customer data integration software, database management services and customer data content.
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