Robbins & Myers completes call of 8% notes: $38.9 million converted to shares, $1.1 million redeemed for cash

By Laura Lutz

Des Moines, Aug. 16 - Robbins & Myers, Inc. said holders of $38.9 million principal amount of its $40 million 8% convertible subordinated notes due 2008 exchanged the notes for stock ahead of the previously announced redemption, according to a company news release.

Those notes converted into common shares at $22.50 per share, or 44.444 shares per $1,000 principal amount of the notes.

The company redeemed the other $1.1 million notes for $37.11 per $1,000 principal amount.

As a result of the conversions, the company issued 1,729,524 additional common shares, producing a total of 16,647,519 shares outstanding on Aug. 15.

On May 19, the company announced the July 14 redemption of $10 million of the notes. On July 14, it announced the call of the remaining notes for Aug. 15.

"The redemption of these notes lowers our costs, increases our financial capacity and provides greater strategic flexibility. We are well positioned to aggressively pursue our operational improvements while increasingly turning our attention to growth," Peter Wallace, president and chief executive officer, said in the release.

Dayton, Ohio-based Robbins & Myers supplies equipment to global pharmaceutical, energy and industrial markets.

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