Quanta to redeem all $269.98 million of its remaining 4.5% convertibles due 2023

By Devika Patel

Knoxville, Tenn., Aug. 27 - Quanta Services Inc. announced that it has notified the registered holders of its 4.5% convertible subordinated notes due 2023 that it will redeem all of the notes on Oct. 8.

The notes will be redeemed at par plus interest up to, but not including, the redemption date.

Holders also may choose to convert the notes in multiples of $1,000 at a conversion rate of 89.7989 common shares per $1,000 principal amount of notes converted.

The conversion rate is equivalent to a conversion price of $11.14 per share.

Wells Fargo Bank, NA, is the trustee.

The $270 million in notes were originally issued on Oct. 17, 2003. The company said Wednesday that $269.98 million of the notes remain outstanding.

Quanta is a Houston-based specialized contracting services company. Its shares (NYSE: PWR) closed at $32.51 on Wednesday.

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