Eaton Vance says no convertibles put back to company

New York Nov. 14 - Eaton Vance Corp. said none of its zero-coupon senior convertibles notes due 2031 were put back to the company on the recent option exercise date.

As a result, there are $116,386,638 of the convertibles outstanding or $178.85 million principal amount at maturity.

The next put is at Aug. 13, 2004.

The Boston investment manager's convertibles were putable on Nov. 13 at $650.75.

Ahead of the put, the company added a sweetener of cash interest payments for the next 21 months. The additional interest is at the rate of 1.627% per annum on the $1,000 principal amount at maturity, equivalent to 2.50% on the accreted value of $650.75 at Nov. 13.

Eaton Vance will pay the interest on Feb. 13, 2003 (for three months), Aug. 13, 2003, Feb. 13, 2004 and Aug. 13, 2004.

The Nov. 13 put was added in August to encourage holders to retain their securities ahead of the put on Aug. 13. Also added was a one-time 0.5% cash payment.

At the time 43% of the convertibles were tendered leaving $178.85 million principal amount outstanding.

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