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Virgin Media holders may convert $1 billion 6.5% convertibles
By Melissa Kory
Cleveland, May 5 - Virgin Media, Inc. said the holders of its $1 billion of 6.5% convertible senior notes due Nov. 15. 2016 may convert their notes.
The notes are convertible prior to Aug. 15, 2016 if the trading price of the company's common stock exceeds 120% of the conversion price for 20 out of the last 30 trading days of a calendar quarter. The stock closed at $30.89 on May 4.
The initial conversion price of the convertibles is $19.22 per share of common stock.
Holders may tender the notes for conversion any time on or after Aug. 15, 2016.
Upon conversion, Virgin Media may settle in cash, stock or a combination of cash and stock. Up to 80,840,700 shares are issuable upon conversion.
New York-based Virgin Media provides television, broadband, fixed-line telephone and mobile telephone services in the United Kingdom.
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