Tech Data holders put $102.23 million of 2.75% convertibles, remainder to be redeemed on Tuesday

By Susanna Moon

Chicago, Dec. 15 - Tech Data Corp. said holders exercised the put option on $102.23 million of its outstanding 2.75% convertible senior debentures due 2026 at par.

The put option expired at midnight ET on Dec. 14, according to a company press release.

Tech Data said it will redeem the remaining $247.77 million principal amount of notes on Dec. 20.

The company previously said that any convertibles put back to the company would be purchased on Dec. 15, which is also the next interest payment date for the convertibles.

The company said on Nov. 16 that it would redeem all of its $350 million outstanding 2.75% convertibles at par plus accrued interest on Dec. 20.

As a result of the redemption notice, the notes are convertible through midnight ET on Dec. 16.

For each $1,000 principal amount converted, holders will receive (a) a cash amount equal to the lesser of $1,000 and the conversion value plus (b) a number of shares of the company's common stock equal to the sum of the daily share amounts for each of the 10 consecutive trading days in the applicable conversion reference period.

The company's shares closed at $49.14 (Nasdaq: TECD) on Nov. 16.

Tech Data is a wholesale distributor of technology products based in Clearwater, Fla.

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