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Technology Stocks : Micron Only Forum
MU 242.00-2.0%Nov 17 3:59 PM EST
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To: Freedom Fighter who wrote (50821)3/17/2000 2:59:00 PM
From: Michael Bakunin  Read Replies (2) of 53903
 
Latest 10K is here: edgar.sec.gov Search for the word "convertible", and find two separate converts. "As of September 2, 1999, the Company also had outstanding $500 million of convertible subordinated notes that were issued in an SEC registered offering in June 1997 that are convertible into 7,413,997 shares of common stock. TI holds notes with a face value of $740 million which are convertible into 12,333,333 shares of common stock." The first is redeemable now (thus, the Scenario) is MU common is over $88: "The 7% convertible subordinated notes due July 2004 are convertible into shares of MTI's common stock at $67.44 per share. The notes are redeemable through July 2001 if the common stock price is at least $87.67 for a specified trading period." TI's are redeemable after October: "The convertible subordinated notes..are convertible into shares of MTI's common stock at $60 per share. The Convertible Notes were subject to redemption as of October 2000 and are redeemable from that date through October 2002 if the common stock price is at least $78 for a specified trading period." (Let's call that the Scenario -- II.) I'm a little surprised Zeev's calling for the scenario now; I would have expected it after October, when a ramp-up would have nixed all $1.2B in convertible debt. -mb EDIT: Not a breath of "were".
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