NationsRent has redeemed its 6.5 percent unsecured convertible subordinated notes, which were originally due June 13, 2008, the company announced last week. Notes in an aggregate principal amount of approximately $30.8 million were redeemed. Holders of those notes will receive an aggregate cash payment of approximately $35.2 million, including accrued and unpaid interest.
Prior to the effective time of the redemption, holders of the notes, representing $14.4 million of aggregate principal amount elected to convert their notes into 59,503 shares of the company’s common stock.
The note redemption is being funded using a portion of the proceeds from NationsRent’s April 2005 private placement of $150 million, 9 ½ percent senior unsecured notes due 2015.
Fort Lauderdale, Fla.-based NationsRent is No. 6 on the RER 100.