Business
J2 Global to Redeem 3.25% Convertible Senior Notes Due 2029
LOS ANGELES--(BUSINESS WIRE)-- J2 Global, Inc. (NASDAQ: JCOM) announced today that it has issued a notice of redemption to redeem all of its outstanding
About this update from Ziff Davis, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nJ2 Global, Inc. (NASDAQ: JCOM) announced today that it has issued a notice of redemption to redeem all of its outstanding 3.25% Convertible Senior Notes due 2029 (CUSIP Number 48123V AC6) (the \"Notes\") on the redemption date of August 2, 2021. As of May 28, 2021, approximately $402.4 million principal amount of the Notes was outstanding. On May 28, 2021, the closing price of the common stock, as reported on the Nasdaq Global Select Market, was $124.53.\n\nThe 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.\n\nThe conversion rate of the Notes as of June 2, 2021, is 14.7632 shares of the common stock of the Company per $1,000 principal amount of the Notes, which is equivalent to a conversion price of $67.74 per share of common stock. Holders may surrender their Notes for conversion at any time before the close of business (which is 5:00 p.m., New York City time), on July 28, 2021, the third Scheduled Trading Day immediately preceding the redemption date. Holders of the Notes that want to convert the Notes must satisfy the requirements set forth in the Notes and the indenture for the Notes. Conversions of Notes for which a notice of conversion is submitted after the close of business (which is 5:00 p.m., New York City time) on June 18, 2021 and prior to the close of business (which is 5:00 p.m., New York City time), on July 28, 2021 (the “Redemption Period”) will have a settlement amount based on a conversion period of the 30 consecutive trading days beginning on June 16, 2021 to and including July 28, 2021.\n\nHolders should note that Holders may also surrender Notes for conversion pursuant to the indenture during the period beginning on, and including, March 15, 2021 and ending on, but excluding June 20, 2021 (the “Common Conversion Period”). Conversions of Notes for which a notice of conversion is submitted during the Common Conversion Period (i.e. prior to the close of business (which is 5:00 p.m., New York City time) on June 18, 2021) will have a settlement amount based on a conversion period of the 30 consecutive trading days beginning on May 5, 2021 to and including June 16, 2021. \n\nConversions of Notes for which a notice of conversion is submitted du...