RPM calls its senior convertibles due 2033

By Susanna Moon

Chicago, June 13 - RPM International Inc. said it would redeem on July 14 its senior convertible notes due May 13, 2033.

RPM said it would pay $507.54 per $1,000 principal amount of notes. Under terms of the indenture, the redemption price is equal to the issue price of the notes plus accrued original issue discount on the redemption date.

Holders may convert each $1,000 principal amount of the notes into 27.0517 RPM common shares. The company's common stock (NYSE: RPM) closed at $23.74 on June 12.

Based on the June 12 price, the number of shares has a market value of $642.21.

As a result, the company said it expects virtually all of the notes to be presented for conversion.

Based in Medina, Ohio, RPM is a holding company for producers of industrial and commercial coatings and sealants.

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