CommScope issues shares in exchange for $19.9 million 1% convertibles, calls remainder

By Angela McDaniels

Tacoma, Wash., Feb. 13 - CommScope, Inc. issued 1,411,469 shares of its common stock in exchange for $19.9 million of its 1% convertible senior subordinated debentures due 2024, according to an 8-K filing with the Securities and Exchange Commission.

The exchanges were made under a series of agreements that settled on Feb. 5, Feb. 6, Monday, Tuesday, Wednesday, Thursday and Friday.

The convertibles acquired through the exchanges have been retired.

Upcoming redemption

CommScope will redeem the remaining convertibles on March 20, according to a company news release.

The company said it will pay par plus accrued interest, or $1,000.14 for each $1,000 principal amount.

Of the $250 million convertibles issued, $179.62 million remain outstanding.

The debentures are convertible through the close of business on March 19.

Each $1,000 principal amount is convertible into 45.977 shares, which is equivalent to a price of $21.75 per share. CommScope stock closed at $14.11 (NYSE: CTV) on Friday.

CommScope provides infrastructure solutions for communication networks and is based in Hickory, N.C.

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