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Non-Tech : CORESTAFF (CSTF), now MMWW
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To: Glenn Petersen who wrote (229)12/7/1999 6:51:00 PM
From: Glenn Petersen   of 257
 
The notes are convertible at $42.12 per share. That works out to approximately 5.46 MM shares. While I cannot find the original documentation for these notes, we should probably assume that they are convertible at the option of the note holder. Note that XPDR will be paying $100.0 MM of their IPO proceeds to MMWW.

From the Form 10-K filed on March 31, 1999:

sec.gov

On August 15, 1997, the Company sold $230 million of 2.94% convertible subordinated notes due 2004. The notes were issued at an original price of 83.991% of the principal amount at maturity. The notes are convertible into common stock of the Company at a conversion rate of 23.7397 shares per $1,000 note. The notes are redeemable by the Company, in whole or in part, after August 18, 2000, at a redemption price equal to the original price of the note plus accrued original issue discount.
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