Milacron lowers conversion price on series B preferreds

By Sheri Kasprzak

Atlanta, Feb. 14 - Milacron Inc. said it has cut the conversion price on its series B preferred stock because it failed to meet a required EBITDA target.

The preferreds will automatically lower to $1.75 per share from $2 per share on June 30.

The reduction in the conversion price of the preferreds was sparked when Milacron generated less than $50 million in adjusted EBITDA for 2004.

The company announced Monday that it earned $19.8 million before interest, refinancing, restructuring and goodwill impairment charges, up from $7.1 million in 2003.

Based in Cincinnati, Milacron is a plastic-processing technologies and industrial fluids supplier.

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