Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item |
Tarragon accepts $54.25 million 8% convertibles in early exchange offer
By Jennifer Chiou
New York, Aug. 24 - Tarragon Corp. announced it accepted the $54.25 million or 90.4% of its 8% senior convertible notes due 2009 tendered prior to the expiration of its early conversion offer at 5 p.m. ET on Aug. 23.
Noteholders who converted their notes will get 81.6993 shares of Tarragon stock and $80.00 in cash for each $1,000 principal amount of notes plus accrued interest up to but excluding the expiration date.
Tarragon, a New York homebuilder, will issue 4.4 million shares of common stock and pay $6.2 million in cash for the offer.
On Aug. 9, the company increased the payment in its offer to $80.00 in cash per $1,000 principal amount of notes from $50.00 in cash, and the total payment is equal to the regular conversion rate plus the extra $80.00 in cash.
The company had previously extended the expiration of its offer to Aug. 23 from 5 p.m. ET on Aug. 15.
US Bank NA was the conversion agent (contact Specialized Finance Department at 800 934-6802).
© 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.