Robbins & Myers says exchange offer for convertibles over-subscribed

New York, Feb. 10 - Robbins & Myers, Inc. said its exchange offer for up to $40 million of its outstanding 6.5% convertible subordinated notes due 2003 was oversubscribed.

The company said exchange agent U.S. Bank NA told it that $56 million principal amount of the notes were tendered.

As a result, the Dayton, Ohio engineered equipment company will accept notes on a pro rated basis.

Approximately 70% of the outstanding notes will be exchanged.

The new notes, also subordinated, carry an 8% coupon and mature in 2008. They convert at $22.50 per share compared to $27.25 for the existing notes.

Under the exchange, Robbins & Myers was offering an equal principal amount of the new notes for the old ones.

The exchange expired at midnight ET on Feb. 7.

The new notes are expected to be available for trading on Feb. 12.

The information agent for the exchange is Georgeson Shareholder (banks and brokers call 212 440-9800, others call 866 203-1198).

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