Summary
Lockheed Martin Corporation (LMT) announced on June 1, 2007, an adjustment to the conversion rate of its $1 billion Floating Rate Convertible Senior Debentures due 2033. This adjustment, effective June 4, 2007, will change the conversion rate from 13.4920 shares to 13.6528 shares of common stock per $1,000 principal amount of debentures. Consequently, the effective conversion price for these debentures will decrease to $73.25 per share.
Key Highlights
- 1Lockheed Martin announced an adjustment to the conversion rate of its convertible senior debentures.
- 2The principal amount of the affected debentures is $1 billion.
- 3The debentures are Floating Rate Convertible Senior Debentures due 2033.
- 4The conversion rate is increasing from 13.4920 to 13.6528 shares of common stock per $1,000 principal.
- 5The new effective conversion price will be $73.25 per share.
- 6This adjustment is effective immediately prior to the opening of business on June 4, 2007.