CommScope, Inc. (NYSE: CTV) today announced that it has notified the
registered holders of its 1.00% Convertible Senior Subordinated
Debentures due 2024 that it has called for redemption on March 20, 2009
any and all of such Debentures outstanding on that date.
In accordance with the indenture governing the Debentures, each $1,000
principal amount of the Debentures will be redeemed at a price of
$1,000.14, which is equal to the sum of 100% of the principal amount,
plus accrued and unpaid interest to March 19, 2009. The Debentures were
originally issued on March 24, 2004, in the aggregate principal amount
of $250 million, and approximately $179,622,000 of the Debentures remain
outstanding. Payment of the redemption price will be made by U.S. Bank
National Association, as paying agent, upon presentation and surrender
of the Debentures on or after the redemption date by hand or by mail at
the address for the paying agent set forth in the redemption notice.
From and after the date of redemption, the Debentures will cease to
accrue interest and holders of the Debentures will not be entitled to
exercise any of the rights with respect to the Debentures except the
right to receive the redemption price.
Because the Debentures have been called for redemption, the Debentures
may be converted, at the option of the holder, at any time on or after
the date of the notice of redemption until the close of business on
March 19, 2009. Upon the terms and conditions of the indenture governing
the Debentures, each $1,000 principal amount of Debentures may be
converted into 45.9770 shares of CommScope’s common stock. The
conversion rate is equivalent to a price of $21.75 per share.
CommScope is a world leader in infrastructure solutions for
communication networks. Through its Andrew® brand, it is a global leader
in radio frequency subsystem solutions for wireless networks. Through
its SYSTIMAX® and Uniprise® brands, CommScope is a world leader in
network infrastructure solutions, delivering a complete end-to-end
physical layer solution, including cables and connectivity, enclosures,
intelligent software and network design services, for business
enterprise applications. CommScope also is the premier manufacturer of
coaxial cable for broadband cable television networks and one of the
leading North American providers of environmentally secure cabinets for
DSL and FTTN applications. Backed by strong research and development,
CommScope combines technical expertise and proprietary technology with
global manufacturing capability to provide customers with infrastructure
solutions for evolving global communications networks in more than 130
countries around the world.
This press release includes forward-looking statements that are based on
information currently available to management, management's beliefs, as
well as on a number of assumptions concerning future events.
Forward-looking statements are not a guarantee of performance and are
subject to a number of uncertainties and other factors, which could
cause the actual results to differ materially from those currently
expected. For a more detailed description of the factors that could
cause such a difference, please see CommScope's filings with the
Securities and Exchange Commission. In providing forward-looking
statements, the company does not intend, and is not undertaking any
obligation or duty, to update these statements as a result of new
information, future events or otherwise.