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Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item |
AGCO buys back $37.5 million of its 1.75% convertible senior notes
By Melissa Kory
Cleveland, Nov. 5 - AGCO Corp. repurchased $37.5 million of its 1.75% convertible senior subordinated notes for approximately $58.1 million during the third quarter, according to a 10-Q filed with the Securities and Exchange Commission.
The repurchase included $21.1 million associated with the excess conversion value of the notes and resulted in a loss on extinguishment of approximately $0.2 million.
Remaining 1.75% notes may be repurchased at par, plus accrued interest, on Dec. 31, 2010, 2013, 2018, 2023 and 2028.
The closing sales price of common stock exceeded 120% of the $22.36 conversion price for the 1.75% convertible notes for at least 20 trading days in the 30 consecutive trading days ending Sept. 30; therefore, the notes are classified as a liability.
AGCO is a Duluth, Ga., manufacturer and distributor of agricultural equipment and related replacement parts.
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