Roper Industries Announces Senior Subordinated Convertible Notes Due 2034 to Accrue Contingent Cash Interest and Conversion Rate Adjustment
SARASOTA, Fla., July 16 /PRNewswire-FirstCall/ -- Roper Industries, Inc. (NYSE: ROP ) announced today that its Senior Subordinated Convertible Notes due 2034 (CUSIP No. 776696AA4) (the "Notes") will accrue contingent interest for the period of July 16, 2010 to January 15, 2011 at an annual rate of 0.25% of the average market price of the Notes for the five trading days ended July 13, 2010. Contingent cash interest, which the Company has determined to be approximately $0.88 per Note, will be payable to holders of the Notes as of the record date of December 31, 2010, with such payment expected to be made on January 15, 2011. Contingent interest will not be payable with respect to any Note converted prior to the January 15, 2011 interest payment date.
Roper also announced an adjustment to the conversion rate for the Notes is being made pursuant to the governing indenture for the Notes. The new conversion rate for each $1,000 principal amount of Notes is 12.547 of the Company's common shares, effective July 12, 2010. The conversion rate for each $1,000 principal amount of Notes was previously 12.422 of the Company's common shares. Notice of the conversion rate adjustment was delivered to security holders and U.S. Bank Trust, National Association, the trustee, in accordance with the terms of the governing indenture for the Notes.
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