Walter Industries arranges conversion of $2.7 million of 3.75% notes

By Laura Lutz

Des Moines, Nov. 13 - Walter Industries, Inc. entered into an agreement for the conversion of $2.7 million principal amount of its 3.75% convertible senior subordinated notes.

The holder agreed to convert the notes into 151,281 shares of common stock of the company. The conversion ratio was 56.0303 shares per $1,000 principal amount of notes, as specified in the note indenture.

The company agreed to pay the holder an inducement premium of $243,000 as well as accrued interest of $2,351.25.

Walter Industries is a Tampa, Fla.-based company involved in homebuilding, financing, industrial products, natural resources and other businesses.

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