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Walter Industries issues 616,333 shares for $11 million 3.75% convertibles
By Jennifer Chiou
New York, Nov. 3 - Walter Industries, Inc. entered into an agreement to issue 616,333 shares in exchange for $11 million of its 3.75% convertible senior subordinated notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.
The company also paid an inducement premium of $1.1 million, plus accrued interest of $1,145.83.
The notes are convertible at a rate of 56.0303 shares per $1,000 principal amount of notes, a conversion price of $17.85 per share.
The company has the option to pay cash for converted notes, and cash will be paid for fractional shares.
Walter Industries is a Tampa, Fla.-based company involved in homebuilding, financing, industrial products, natural resources and other businesses.
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