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Aerojet Rocketdyne to Redeem 2.25% Convertible Senior Notes Due 2023
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EL SEGUNDO, Calif., July 15, 2022 (GLOBE NEWSWIRE) -- Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) announced today that it has issued a notice of redemption to redeem all of its outstanding 2.25% Convertible Senior Notes due 2023 (CUSIP Number 007800 AB1) (the “Notes”) on the redemption date of September 19, 2022. As of July 15, 2022, approximately $145.9 million principal amount of the Notes was outstanding. On July 14, 2022, the closing price of the common stock, as reported on the New York Stock Exchange, was $39.11.
The Notes will be redeemed at a stated redemption price equal to 100% of the aggregate principal amount of such Notes, plus accrued and unpaid interest to (but excluding) the redemption date.
The conversion rate of the Notes as of July 15, 2022 is 38.4615 shares of the common stock per $1,000 principal amount of the Notes, which is equivalent to a conversion price of $26 per share of common stock of the Company. Holders may surrender their Notes for conversion at any time prior to the close of business (which is 5 p.m., New York City time), on September 16, 2022, the scheduled trading day immediately preceding the redemption date. Holders of Notes that wish to convert their Notes must satisfy the requirements set forth in the Notes and the indenture for the Notes.
The Company is electing to settle conversions of Notes using Cash Settlement as defined in the indenture for the Notes.
Upon conversion, a Holder will not receive any separate cash payment for accrued and unpaid interest and the Company’s settlement of the conversion obligation shall be deemed to satisfy its obligation to pay the principal amount of the Note and accrued and unpaid interest to, but not including, the relevant conversion date. On the redemption date, the redemption price will become due and payable upon each Note to be redeemed and interest thereon, if any, shall cease to accrue on and after the redemption date.
A copy of the notice of redemption may be obtained from The Bank of New York Mellon Trust Company, N.A., as trustee, paying agent and conversion agent, by calling (315) 414-3349.
About Aerojet Rocketdyne Holdings, Inc. Aerojet Rocketdyne Holdings, Inc., headquartered in El Segundo, California, is an innovative technology-based manufacturer of aerospace and defense products and systems, with a real estate segment that includes activities related to the entitlement, sale, and leasing of the Company’s excess real estate assets. More information can be obtained by visiting the Company’s websites at www.rocket.com or www.aerojetrocketdyne.com.
Contact information: Investors: Kelly Anderson, investor relations 310-252-8155 Media: Steve Warren, vice president, communications 703-650-0278
aerojet rocketdyne holdings, inc. designs, develops, manufactures, and sells aerospace and defense products and systems in the united states. the company operates through two segments, aerospace and defense, and real estate. the aerospace and defense segment offers aerospace and defense products and systems for the united states government, including the department of defense, the national aeronautics and space administration, and aerospace and defense prime contractors. this segment provides liquid and solid rocket propulsion systems, air-breathing hypersonic engines, and electric power and propulsion systems for space, defense, civil, and commercial applications; and armament systems. the real estate segment engages in the re-zoning, entitlement, sale, and leasing of the company's excess real estate assets. it owns approximately 11,394 acres of land adjacent to the united states highway 50 between rancho cordova and folsom, california east of sacramento. the company was formerly know
