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RPM completes redemption of its 2.25% convertible senior notes due 2020

Published 11/28/2018, 06:26 AM
© Reuters.  RPM completes redemption of its 2.25% convertible senior notes due 2020
RPM
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  • RPM International (NYSE:RPM) has completed its previously announced redemption of all of its outstanding 2.25% Convertible Senior Notes due 2020.
  • RPM paid ~$204,625,000 in cash for settlement of conversions of $204,554,000 notes and issued 598,601 shares of its common stock in the aggregate.
  • RPM Chairman and Chief Executive Officer Frank C. Sullivan commented, “As a result of our recent stock price performance, we met the criteria to redeem these bonds early. By utilizing mostly cash to settle the conversions, we are pleased that, from a diluted EPS perspective, approximately 3.3 million shares are removed from our EPS calculation. Additionally, the redemption and resulting conversions are neutral to our current debt metrics. We will provide more information regarding our future capital allocation at tomorrow’s Investor Day.”
  • Now read: Daily Insider Ratings Round-Up 10/17/18


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