Cox Communications pays $232.8 million on put exercise, all Enterprises exchangeables redeemed

New York, Feb. 28 - Cox Communications, Inc. said it paid a total of $232,759,266 to holders of its convertible senior notes due 2021 who exercised the put option on Feb. 22.

The company said that holders of $329.1 million principal amount at maturity - equivalent to 42.7% of the bonds outstanding - exercised the put option, leaving $441.65 million principal at maturity outstanding. The put was exerciseable at $707.26 per $1,000 principal amount at maturity plus accrued interest and holders were paid on Feb. 25.

To holders who did not exercise the put, Cox paid $17 per $1,000 principal amount at maturity as an incentive to hold the bonds. The company said in a filing with the Securities and Exchange Commission that it paid a total of $7,508,050 to these holders.

Cox also said that all the holders of Cox Enterprises, Inc.'s 2% exchangeable senior notes due 2021 exercised their put option. The company repurchased $454.5 million principal amount on Feb. 19 and $4.5 million on Feb. 22 for a total cash cost of $459 million. There are now none of the securities outstanding, Cox said.

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