Textron Inc. (TXT: Quote) announced that its 4.5% Convertible Senior Notes due 2013 will be convertible at the option of the holders through September 30, 2012, the last day of the third calendar quarter, as provided in the Indenture, dated as of September 10, 1999, between Textron and The Bank of New York Mellon Trust Company, N.A., as Trustee, as supplemented by the Supplemental Indenture, dated as of May 5, 2009.
The Notes will be convertible because Textron's common stock price exceeded the conversion threshold price of $17.06 per share (130 percent of the applicable conversion price of $13.125 per share) for at least 20 trading days during the 30 consecutive trading days ending June 29, 2012.
Whether the Notes will be convertible at any time after September 30, 2012 will depend on whether any of the conversion conditions specified in the Indenture are satisfied, including whether the price of Textron's common stock exceeds the conversion threshold price for the requisite number of trading days during subsequent quarters, the company said.
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by RTT Staff Writer
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