Kaydon holders convert all 4% convertibles ahead of redemption

By Susanna Moon

Chicago, Sept. 19 - Kaydon Corp. said investors converted all of its 4% contingent convertible senior subordinated notes due 2023 before the redemption date of Sept. 22.

Holders were able to convert the notes into Kaydon common shares by 5 p.m. ET on Sept. 18.

The conversion rate was 34.2936 shares per $1,000 principal amount, equal to a conversion price of $29.16 per share.

The company's stock (NYSE: KDN) closed at $52.79 on Aug. 21.

Holders converted notes into 6,858,683 of the company's common shares.

Kaydon is an Ann Arbor, Mich. designer and manufacturer of custom-engineered, performance-critical products.

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