Gerdau Macsteel, Inc. Conversion Rights Triggered On Convertible Debentures
JACKSON, MI, May 2 /PRNewswire/ -- Gerdau Macsteel, Inc. (f/k/a Quanex Corporation) today 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 during the fiscal quarter ended April 30, 2008, in which 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 quarter. As a result, holders may convert the principal amount of their Debentures during the fiscal quarter ending July 31, 2008, in accordance with the terms of the indenture.
CONTACT: Press Office +55(51) 3323-2170, imprensa@gerdau.com.br,
2008-05-02 16:30:30 0351776 PRNEWSWIRE
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