Borland Software 2.75% convertibles no longer convertible into shares

By Angela McDaniels

Tacoma, Wash., Aug. 6 - Borland Software Corp. said its 2.75% convertible senior notes due 2012 are now convertible only into $235.29 in cash per $1,000 principal amount of notes.

The cash amount is equal to the conversion ratio multiplied by $1.50, which is the per-share payment received by shareholders in the recently completed acquisition of the company by Micro Focus International plc.

The company amended the indenture governing the convertibles to incorporate the change on July 27, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, Borland Software is offering to purchase the convertibles at par plus accrued interest in a tender offer that expires at 5 p.m. ET Aug. 31.

Borland Software is a vendor of open application lifecycle management solutions based in Austin, Texas.

Micro Focus is a Newbury, England-based software company.

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