FLIR holders tender $99.87 million of 3% convertibles in exchange offer

By Susanna Moon

Chicago, March 10 - FLIR Systems, Inc. said investors tendered $99.87 million of 3% senior convertible notes due 2023.

The exchange offer for FLIR's $191.4 million of outstanding 3% convertibles expired at 5 p.m. ET on March 9. It began on Feb. 5.

The company previously said it will pay $20 in cash and 90.1224 shares of FLIR Systems common stock for each $1,000 principal amount of notes exchanged. No accrued interest will be paid.

The number of shares being offered per note is the same as the number of shares a holder would receive upon conversion at the current conversion rate, according to a company news release.

The offer will settle on March 11.

FLIR Systems said its purpose in making the offer is to reduce the amount of its outstanding debt and interest expense.

Global Bondholder Services Corp. (866 470-4200) is the information agent for the offer.

FLIR Systems is a Portland, Ore.-based maker of thermal imaging and stabilized camera systems.

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