Kaydon to redeem all of its 4% convertibles due 2023

By Devika Patel

Knoxville, Tenn., Aug. 21 - Kaydon Corp. announced plans to redeem all of its outstanding 4% contingent convertible senior subordinated notes due 2023 on Sept. 22.

The notes will be redeemed at par plus interest to, but excluding, the redemption date.

The notes may be converted at any time before 5 p.m. ET on Sept. 18.

They are convertible into common shares at a rate of 34.2936 shares per $1,000 principal amount, which is equal to a conversion price of $29.16 per share.

Based in Ann Arbor, Mich., Kaydon is a designer and manufacturer of custom-engineered, performance-critical products, supplying a broad and diverse group of alternative-energy, industrial, aerospace, medical and electronic equipment, and aftermarket customers. Its shares (NYSE: KDN) closed at $52.79 on Thursday.

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