DST exchanges new convertibles for $66.6 million 4.125% convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 25 - DST Systems, Inc. will issue $66.6 million principal of 4.125% series C convertible senior debentures due 2023 in exchange for an equal principal amount of its 4.125% series A convertible senior debentures due 2023, according to a company series Cs release.

The convertibles are being exchanged under separate, privately negotiated exchange agreements.

The series C convertibles are callable beginning Aug. 15, 2013 and have a put option on Aug. 15, 2014 and some subsequent dates.

The series A convertibles are first callable and putable in 2010.

The series C debentures are convertible under certain circumstances into shares of DST common stock at an initial conversion rate of 20.3732 shares per $1,000 principal amount, which is equivalent to an initial conversion price of $49.08.

DST Systems stock closed at $42.17 (NYSE: DST) on Tuesday.

The series A convertibles have the same conversion rate.

DST Systems is a Kansas City, Mo.-based provider of information processing and computer software services and products.

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