Aspect Telecommunications Calls 5% Convertible Subordinated Debentures.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Sept. 10, 1996--Aspect Telecommunications Corporation (Nasdaq:ASPT ASPT American Society of Plant Taxonomists ASPT American Society of Phlebotomy Technicians ASPT Average Score Per Taxon (neural networks) ASPT Academy of Screen Printing Technology ASPT Army School of Physical Training ) announced today that it is calling all of its outstanding 5% convertible subordinated debentures on October 15, 1996. The principal amount of $55,000,000 is redeemable by the Company on or after October 15, 1996 or automatically redeemable at maturity in 2003. The Company is redeeming the debentures at the earliest possible date, as provided in the Indenture, to eliminate the related interest expense and to remove the debt from the Company's balance sheet. Debenture holders have the option to redeem their holdings for cash or convert their holdings into Common Stock of the Company. The redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. is $1,060 for each $1,000 of principal amount. This represents the contractual redemption price of $1,035 plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. from April 15, 1996 through October 15, 1996. Each $1,000 of principal may instead be converted into 51 shares of Common Stock with cash paid for fractional shares. Debentures converted prior to October 1, 1996 will not receive the accrued interest payment. Election to convert must be received by State Street Bank and Trust Company The State Street Bank and Trust Company is a bank. It was a subsidiary of the State Street Corporation, until it sold off the retail banking portion of this unit in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, RI. of California, the Trustee, no later than 4:30 p.m. Eastern Daylight Time on October 14, 1996. If all debentures are converted, approximately 2,830,000 shares will be added to Aspect's Common Stock outstanding. As of August 31, 1996 the Company had approximately 21,200,000 shares of Common Stock outstanding. Aspect has previously included the shares related to the convertible debentures and excluded the related interest expense in its reported fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of calculations. Founded in 1985, Aspect Telecommunications Corporation provides comprehensive business solutions for mission-critical call centers. Aspect products include automatic call distributors, interactive response systems, management information and reporting tools, and comprehensive reporting and forecasting tools. Aspect also provides services vital to call center environments, including business applications consulting, systems integration and training. World headquarters are in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . Additional information is available on Aspect's home page on the World Wide Web at http://www.aspect.com. CONTACT: Aspect Telecommunications Suzanne Randal, 408/325-2288 |
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