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Technology Stocks : Adaptec (ADPT) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Switz who wrote (3880)10/19/1998 3:16:00 PM
From: J R KARY  Respond to of 5944
 
Thanks Jim , you are right converts were $230 mln (an amendment )

Haven't read it in detail . Looks like the stock was valued to convert at $51/shr :

" The table captioned "Selling Securityholders" commencing on page 24 of the Prospectus is hereby amended to reflect the following additions and changes.
NUMBER OF SHARES OF
PRINCIPAL AMOUNT OF NOTES COMMON STOCK BENEFICIALLY
BENEFICIALLY OWNED OWNED AND OFFERED
SELLING SECURITYHOLDER AND OFFERED HEREBY HEREBY (1)(2)
----------------------------------------------------------------- ------------------------- -------------------------

Goldman Sachs & Company.......................................... 300,000 5,807

(1) Includes shares of Common Stock issuable upon conversion of the Notes.

(2) Assumes a conversion price of $51.66 per share, and a cash payment in lieu
of any fractional share interest; such conversion price is subject to
adjustment as described under "Description of Notes -- Conversion."
Accordingly the number of shares of Common Stock issuable upon conversion
of the Notes may increase or decrease from time to time. Under the terms of
Indenture, fractional shares will not be issued upon conversion of the
Notes; cash will be paid in lieu of fractional shares, if any. "

==============================

FWIW , need to see if there is a "floor" for the conversion price or permitted at a certain percentage of a market price ;

, and if the amendment now is material to the buy-back .

Thanks again for your correcting response .

Regards,
Jim K.
Ref: freeedgar.com


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