Summary
Lockheed Martin Corporation (LMT) filed an 8-K report on December 1, 2004, announcing an adjustment to the conversion rate of its $1 billion Floating Rate Convertible Senior Debentures due 2033. The conversion rate will increase from 13.1939 shares of common stock to 13.3326 shares per $1,000 principal amount of debentures. This change effectively lowers the conversion price to $75.00 per share, making the debentures slightly more attractive to convert into common stock.
Key Highlights
- 1Announcement of an adjustment to the conversion rate for LMT's $1 billion Floating Rate Convertible Senior Debentures due 2033.
- 2The conversion rate will be adjusted from 13.1939 to 13.3326 shares of common stock per $1,000 principal amount of debentures.
- 3The resulting conversion price per share will be $75.00.
- 4The adjustment is effective immediately prior to the opening of business on December 2, 2004.
- 5This adjustment potentially makes the debentures more attractive for conversion into LMT common stock.
- 6The company attached the press release dated December 1, 2004, as an exhibit.