CommScope, Inc. (NYSE:CTV) has issued a conversion termination notice to
holders of its 3.50% Convertible Senior Subordinated Debentures due 2024.
Under the Indenture relating to the 3.50% Debentures, CommScope is
entitled to issue a conversion termination notice if the closing sale
price (as defined in the Indenture) of CommScope’s common stock has
exceeded 150% of the conversion price relating to the 3.50% Debentures
for 20 trading days out of a 30 consecutive day trading period. As a
result of the issuance of the conversion termination notice, holders may
convert their 3.50% Debentures at any time on or prior to June 18, 2009.
After June 18, 2009, the 3.50% Debentures will no longer be convertible
into common stock of CommScope. Holders electing to convert their 3.50%
Debentures on or before June 18, 2009 will receive, in addition to
shares of CommScope’s common stock issued at the conversion rate, a
coupon make-whole payment in accordance with the terms of the Indenture.
As is permitted by the Indenture, CommScope has elected to make the
coupon make-whole payments in shares of common stock of CommScope. As
required by the Indenture, CommScope has filed with the Securities and
Exchange Commission a prospectus supplement relating to its effective
shelf registration statement registering the resale of the 3.50%
Debentures and the shares of CommScope’s common stock issuable upon
conversion and in connection with the coupon make-whole payment.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any 3.50% Debentures or common stock,
nor may there be any sale of 3.50% Debentures or common stock in any
state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
CommScope, Inc. (NYSE:CTV) is a world leader in infrastructure solutions
for communication networks. 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 and on 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.