Dealertrack's 1.5% convertibles are convertible during second quarter

By Angela McDaniels

Tacoma, Wash., April 17 - Dealertrack Technologies, Inc.'s $200 million 1.5% senior convertible notes due 2017 are convertible during the quarter ending June 30, according to an 8-K filing with the Securities and Exchange Commission.

The test of convertibility was met when the company's closing share price was greater than 130% of the conversion price for at least 20 trading days during the 30 consecutive trading days ending on the last trading day of the immediately preceding quarter.

The conversion price is $37.3667 per share. The company's stock closed at $44.45 (Nasdaq: TRAK) on Thursday.

Dealertrack is a Lake Success, N.Y.-based provider of web-based software solutions and services to the automotive retail industry.

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