Conversion Rights Triggered on Gerdau Macsteel Convertible Debentures
05/05/2008 - Gerdau Macsteel's 2.50% Convertible Senior Debentures due May 15, 2034, are convertible by holders effective May 1, 2008.
Gerdau Macsteel, Inc.—formerly known as Quanex Corp.—has announced that the company's 2.50% Convertible Senior Debentures due May 15, 2034, are convertible by holders effective May 1, 2008.
The convertibility was triggered when the closing price of the company's common stock exceeded the contingent conversion threshold price for at least 20 of the last 30 trading days of the fiscal quarter ended April 30, 2008.
In accordance with the terms of the indenture, holders may now convert the principal amount of their Debentures during the current fiscal quarter, which ends July 31, 2008.
