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In August 1999, the Company
issued $200 million of 5.75 percent convertible subordinated notes
due August 1, 2004. The notes were convertible into 6,142,740 shares
of Class A Common Stock. The holders of the notes may convert the
notes into shares of Common Stock at any time prior to the close of
business on the maturity date of the notes, August 1, 2004, unless
previously redeemed or repurchased, at a conversion rate of 30.7137
shares per $1,000 principal amount of notes (equivalent to an approximate
conversion price of $32.56 per share), subject to adjustment in certain
circumstances. Interest on the notes is payable on February 1 and
August 1 of each year. The notes were not subject to redemption prior
to August 6, 2002, and the Company may, at its option, redeem the
notes on or after such date, in whole or in part, upon not less than
30 days or more than 60 days prior notice to each holder.
In February 2001, $152.4 million of the Company's convertible subordinated
notes were converted for approximately 4.7 million shares of Class
A Common Stock and $58.7 million of cash. Including $3.4 million of
deferred note origination costs written off, this resulted in debt
conversion expense of $62.1 million and an increase in stockholders'
equity of $71.7 million (net of income taxes) during fiscal 2001.
As of September 27, 2002 and September 28, 2001, the Company had approximately
$47.6 million of the 5.75 percent convertible subordinated notes outstanding.
These notes are convertible into approximately 1.5 million shares
of Common Stock. |
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