Andrew converts 80% of Allen convertibles into stock

New York, Oct. 31 - Andrew Corp. said it converted approximately 80% of the former Allen Telecom Inc.'s 7.75% convertible preferred stock into stock.

The Orland Park, Ill. communications systems equipment supplier also made cash payments of $5.7 million, including future dividends through February 2005 as part of the conversion.

In total, 9.3 million common shares were issued for the preferreds.

Andrew acquired Allen Telecom in a transaction that closed on July 15. Allen's old 7.75% convertibles were exchanged for new Andrew convertible preferreds with the same terms.

Allen Telecom issued $50 million of the convertible preferreds in March 2002.

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