U.S. Concrete stock price causes conversion event for 9.5% notes

By Toni Weeks

San Luis Obispo, Calif., June 18 - U.S. Concrete, Inc. reported in a press release that because the last reported sale price of the stock exceeded 150% of the conversion price for the company's 9.5% convertible secured notes due 2015 on at least 20 days during a 30-consecutive-trading-day period ended June 17, a conversion event occurred.

Due to the conversion event, holders have the right to convert their notes up to the conversion cap at any time prior to the close of business on Aug. 2. The right to convert notes will terminate immediately prior to 9 a.m. ET on Aug. 3.

The conversion rate is 95.23809524 shares of common stock per $1,000 principal amount of notes.

Any holders who cannot convert the full amount of their notes prior to the conversion termination date due to the conversion cap may send an election notice to the issuer and convert such notes at any time prior to 180 days following the conversion termination date.

According to the release, except as provided in the election notice, any notes not otherwise converted prior to the conversion termination date may be redeemed by the issuer at any time.

Euless, Texas-based U.S. Concrete provides ready-mixed concrete and aggregate products to the construction industry.

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