Guitar Center note holders convert nearly all of $100 million notes ahead of redemption

By Laura Lutz

Des Moines, July 17 - Guitar Center, Inc.'s 4% senior convertible notes holders opted to convert $99,997,000 of the $100 million outstanding notes ahead of a previously announced redemption.

The notes were converted for a total of 2,891,741 shares of common stock before the July 15 redemption date.

Guitar Center paid approximately $3,576 in cash in connection with the redemption.

Under the previously reported terms, the notes converted at $34.58 per share, or 28.9184 shares per $1,000 principal amount notes. The redemption was announced June 15.

The company's stock (Nasdaq: GTRC) closed at $41.56 on Monday.

Guitar Center is a Westlake Village, Calif.-based retailer of guitars, amplifiers, percussion instruments, keyboards and pro-audio and recording equipment.

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