Actuant sets six-month contingent interest for convertibles due 2023

By Susanna Moon

Chicago, May 16 - Actuant Corp. said its senior subordinated convertible notes due 2023 will accrue contingent interest for the six months ending Nov. 15, 2011.

The contingent interest will be $3.36 per $1,000 principal amount of convertibles for the six-month period, or an interest rate of about 2.672%.

The amount is 0.25% of the average trading price of the convertibles for the five trading days ended on May 13, according to a company news release.

Contingent interest will be payable to holders of record on Nov. 1, and the payment will be made on Nov. 15, 2011.

Actuant is a Butler, Wis.-based diversified industrial company.

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