Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: CMon who wrote (885)	8/24/1999 5:19:00 PM
From: Zeev Hed	Read Replies (1) of 1438

CMon, that is what I would have presumed, but that is a strange language, the language should have been "redeem for cash the debenture at its face value" (maybe even plus a given premium). The document does not define "closing sales price on the date of conversion", is that the "conversion price? (the lowest 5 closing bids in the last 22 trading days), or the actual closing on the date conversion is sought? In any event, this type of clause is definitely stating as I said, that until the 17th of Feb. 2000, there is a ceiling and a floor and after that, the company probably hope to be in the clear. I know not if they will be. Beyond that date, the debenture is definitely floorless. Zeev

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