Barnes holders may convert 3.375% senior subordinated notes due 2027

By Susanna Moon

Chicago, March 20 - Barnes Group Inc. said holders may convert its 3.375% convertible senior subordinated notes due March 2027 during the fiscal quarter ending June 30.

The notes are convertible because the company's common stock exceeded 130% of the notes' conversion price for at least 20 out of the last 30 consecutive trading days in the quarter ending March 31, according to a company press release.

The company also will pay contingent interest beginning March 20 and ending Sept. 14.

The contingent interest obligation arises under the notes indenture because the average trading price of the notes was equal to 120% or more of the principal amount of the notes for the measurement period.

The amount of contingent interest payable is 0.25% per year of the average trading price per $1,000 principal amount of notes for the five trading days ending on March 18.

The amount of contingent interest for the six-month contingent interest period will be $1.66 per $1,000 principal amount of notes.

The Bank of New York Mellon Trust Co., NA is the conversion agent.

Barnes Group is a Bristol, Conn.-based aerospace and industrial manufacturing and service provider.

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