Kaman says holders of $500,000 3.25% convertibles exercise put option

By Wendy Van Sickle

Columbus, Ohio, Sept. 27 – Kaman Corp. said $500,000, or 0.25%, of its $200 million of 3.25% convertible senior notes due 2024 were tendered under a put option that ran from Aug. 29 though 11:59 p.m. ET on Sept. 26, according to a company news release.

The company repurchased all notes that were validly surrendered for 100% of the principal amount plus accrued and unpaid interest.

Payment was made on Friday.

Alternatively, holders could elect to convert their notes into shares of Kaman common stock until Friday. No holders exercised that option, according to Friday’s news release.

The offer to repurchase related to the previously announced share purchase agreement among Kaman, LJ KIT Blocker, Inc., LJ KAI Blocker, Inc. and LJ KFP Blocker, Inc. for the company. The closing of this transaction occurred on Aug. 26.

The fundamental change repurchase price was paid by D.F. King & Co., Inc., as depository agent.

Based in Bloomfield, Conn., Kaman makes proprietary aircraft bearings and components.

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