Larry, I thought they had registration rights on the 28.9 mil shares of common stock 6 months after the deal closed. According to their ammened 8K the deal closed 9/30/98. I think this was why everyone back in April was trying to figure out what TI was going to do. So, really I think they've been able to sell from the beginning of April on.
As far as the roughly 12.3 mil. shares that went with the two 6.5% 2005 converts, I don't think the clock starts ticking on their "scenario" until 10/3/00.
The Securities will not be subject to redemption prior to October 3, 2000 and will be redeemable on and after such date at the option of the Company, in whole or in part, upon not less than 20 nor more than 60 days notice to the Holders, at the Redemption Prices (expressed as percen tages of the principal amount) set forth below; provided, however, that the Securities will not
redeemable following October 3, 2000 and before October 2, 2002 unless the Closing Price Per Share of the Company's Common Stock is at least 130% of the Conversion Price for at least 20 Trading Days within a period of 30 consecutive Trading Days ending within five Trading Days of the call for redemption.
The semi-annual payments are due April 1 and October 1. The first was due 4/1/99. These also give MU and "extension period" option of 4 missed payments.
Does TI even still hold the converts?
Maybe what CNBC reported was accurate (or partially accurate; I mean, how fun must it have been for TI to watch the thing move from 80 to 34); however, the only significant thing I see happening specifically related to the 10/1/99 date is a $24.05 mil. coupon payment due.
Was it Maria B.?
Good trading,
Tom |
