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Article: Quixote Corporation Announces Completion of $40 Million Private Placement of Convertible Subordinated Notes.
- Article from:
- PR Newswire
- Article date:
- February 10, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Quixote Corporation today announced that effective February 9, 2005 it sold $40 million of 7% Convertible Senior Subordinated Notes due February 15, 2025 in a private placement.
Under the terms of the private placement, the investors may convert the Notes into the Company's common stock at any time prior to the final maturity date of February 15, 2025. The conversion price is $25.90 per share, which represents a 40% premium over the closing price of the Company's stock on February 8, 2005. If fully converted, the Notes would convert into approximately 1,544,000 shares of the Company's common stock. The Notes are fully redeemable by the Company at any time ...