Textron announces convertible period for 4.5% notes through Dec. 31

By Ashley Montgomery

Kansas City, Kan., Sept. 28 - Textron Inc. said its 4.5% convertible senior notes due 2013 are convertible through Dec. 31, the last day of the fourth quarter.

The company said the notes are convertible because Textron's common stock price exceeded the conversion threshold price of $17.06 per share for at least 20 trading days during the 30 consecutive trading days ended Sept. 28, according to a company news release.

The conversion price is $13.125 per share. The notes are convertible into common stock, cash or a combination of cash and shares at the company's option.

The company's stock closed at $26.17 (NYSE: TXT) on Sept. 28.

The notes were previously convertible through Sept. 30 because of Textron's common stock prices for the 30 trading days ended June 29.

Bank of New York Mellon is the conversion agent.

Textron is a Providence, R.I.-based company with aircraft, defense and intelligence, industrial and finance businesses.

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