Verisign Inc. (VRSN) Announces Upside Trigger Hit on Junior Subordinated Convertible Debenture Issuance
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Verisign Inc. (NASDAQ: VRSN) shares are down 2 percent early Tuesday.
On Monday night, the company announced that the upside trigger on its 3.25% junior subordinated convertible debentures due 2037 (CUSIP Nos. 92343EAD4 and 92343EAC6) (the “Notes”) has been met for the six-month interest payment period from Aug. 15, 2016, to Feb. 14, 2017. As a result, contingent interest will be paid on the Notes for that six-month interest payment period. Contingent interest of approximately $7.7 million on the $1.25 billion outstanding principal amount of the Notes, or approximately $6.1750 per $1,000 principal amount of the Notes, will be paid on Feb. 15, 2017, to the holders of record as of Feb. 1, 2017.
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