3M Amends Zero Coupon Senior Convertible Notes Due 2032; Will Add Cash Interest Payments Through November 2007.ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn. -- 3M Company announced today that it amended the terms of its Liquid Yield Option(TM) Notes due 2032 (Zero Coupon - Senior) (the "Notes"). The amendment adds cash interest payments for the next 24 months through November 2007, to holders of the Notes who do not require 3M to purchase their Notes on Nov. 21, 2005. This cash interest, at the rate of 2.40 percent per annum Per annum Yearly. of the principal amount at maturity ($1,000) of the Notes, is the equivalent of 2.75 percent per annum of $873.86, the Notes' accreted value accreted value The current value of an original-issue discount bond, taking into account imputed interest that has accumulated. on Nov. 21, 2005. These payments will be made semi-annually in arrears Adv. 1. in arrears - in debt; "he fell behind with his mortgage payments"; "a month behind in the rent"; "a company that has been run behindhand for years"; "in arrears with their utility bills" behindhand, behind on May 22, 2006, Nov. 22, 2006, May 22, 2007 and Nov. 22, 2007, to holders of record on the 15th calendar day next preceding each such interest payment date. The specific terms of the payments are set forth in a supplemental indenture, which will be filed with the Securities and Exchange Commission on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . The Form 8-K also will include a summary of certain U.S. federal income tax consequences of the amendment to the terms of the Notes. Holders of the Notes have the right to require 3M to purchase the Notes at their accreted value on Nov. 21, 2005, and each Nov. 21 of 2007, 2012, 2017, 2022 and 2027. Holders who validly submit a purchase notice by Nov. 18, 2005, and do not withdraw that notice in accordance with The Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Trust Company's procedures by Nov. 21, 2005, will receive the Purchase Price of $873.86 per $1,000 Principal Amount at Maturity of Notes redeemed, in cash, on Nov. 22, 2005. Holders should discuss with their tax advisors the tax implications of 3M's amendment to the terms of the Notes. About 3M - A Global, Diversified Technology Company Every day, 3M people find new ways to make amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. things happen. Wherever they are, whatever they do, the company's customers know they can rely on 3M to help make their lives better. 3M's brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the company's 69,000 people use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation. For more information, including the latest product and technology news, visit www.3M.com. Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M. Liquid Yield Option is a trademark of Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. and Co., Inc. |
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