Summary
This 8-K filing from Becton, Dickinson and Company (BDX) primarily concerns the mandatory conversion of its 6.125% Mandatory Convertible Preferred Stock, Series A, which is set to occur on May 1, 2020. The company has disclosed the final conversion rate, which will be 4.7284 shares of BDX common stock per share of preferred stock. This conversion is a significant event for preferred shareholders as it will result in them receiving common stock, impacting their holdings and the company's share structure.
Key Highlights
- 1Mandatory conversion of 6.125% Mandatory Convertible Preferred Stock, Series A, scheduled for May 1, 2020.
- 2The final conversion rate is set at 4.7284 shares of BDX common stock per share of Mandatory Convertible Preferred Stock.
- 3Each Depositary Share represents a 1/20th interest in a share of Mandatory Convertible Preferred Stock.
- 4The conversion rate is based on the average volume-weighted average price of BDX common stock over a 20-day trading period ending April 28, 2020.
- 5This event will convert preferred stock into common stock, affecting the capital structure and potentially diluting existing common shareholders.
- 6The company previously disclosed expected minimum and maximum conversion rates on April 14, 2020.