Masco says $26.351 million convertibles put back to company

New York, July 23 - Masco Corp. said that "substantially all" the holders of its zero-coupon convertible senior notes due 2031 decided not to exercise their put option.

The Taylor, Mich. home improvement and building products company said only $26.351 million principal amount at maturity of the securities were tendered to the company leaving $1.875 billion principal amount at maturity outstanding.

The put option expired at 5.00 p.m. on July 22.

On Friday Masco added an additional put in 2004 as an incentive not to exercise the option that just expired.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.