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CheckFree calls 6.5% convertibles
New York, Nov. 12 - CheckFree Corp. said it will redeem all its 6.5% convertible subordinated notes due 2006 on Dec. 12.
The Atlanta provider of electronic commerce services and products originally issued $172.5 million of the notes in November 1999, and all are still outstanding.
Up to 5 p.m. ET Dec. 11 holders can convert the notes into stock at a price of $73.20 per share or 13.6612 shares per $1,000 principal amount of the notes. CheckFree stock closed at $27.60 Wednesday.
For notes not converted, CheckFree will pay $1,029.886 per $1,000 principal amount, an amount consisting of the redemption price of $1,027.90 plus $1.986 of accrued interest. The company will also make the regular Dec. 1 interest payment.
CheckFree said it had $424.4 million of cash and investments as of Sept. 30.
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