Hilton Announces Conversion Period for 3.375% Convertible Senior Notes.BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif. -- Hilton Hotels Corporation Hilton Hotels Corporation (NYSE: HLT) is one of the leading global hospitality companies. As of April 2007 there are 2,645 hotels and 485,000 rooms employing 105,000 people in more than 80 countries. (NYSE NYSE See: New York Stock Exchange :HLT HLT See: Highly leveraged transaction ) today announced that its 3.375% Convertible Senior Notes due 2023 have become convertible into Hilton common stock at the option of the holders and will remain convertible during the fiscal quarter ending March 31, 2007. Any determination regarding the convertibility of the 3.375% Notes during future periods will be made in accordance with the terms of the Indenture governing the 3.375% Notes. The 3.375% Notes became convertible because the closing sale price of Hilton's common stock for at least 20 consecutive trading days during the 30 consecutive trading day period ending on the last trading day Last Trading Day The final day that a futures or options contract may trade or be closed out before delivery of the underlying asset must occur. Notes: If the buying and selling parties do not arrange an alternate agreement, the physical commodity must be delivered from of the calendar quarter ended December 31, 2006 was greater than 120% of the conversion price in effect on such last trading day. The 3.375% Notes are currently convertible at a conversion price of $22.50 per share, which represents a conversion rate of approximately 44.4444 shares of Hilton's common stock per $1,000 principal amount of Notes. The 3.375% Notes are convertible into Hilton common stock in accordance with the terms and subject to the conditions of the Notes and the Indenture under which the Notes were issued. |
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