FTI Consulting, Inc. Announces That as of October 16, 2010 Its 3-3/4% Senior Subordinated Convertible Notes Are No Longer Convertible
WEST PALM BEACH, Fla., Oct 18, 2010 /PRNewswire via COMTEX/ --
FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, has announced that the Company's $150 million aggregate principal amount of 3-3/4% Senior Subordinated Convertible Notes due July 15, 2012 (the "Notes"), are no longer convertible at the option of the holders effective October 16, 2010 through January 15, 2011 as a result of the closing price of the Company's common stock for at least 20 trading days in the 30 consecutive trading days ended October 15, 2010 being less than the conversion threshold price of $37.50 per share (120% of the applicable conversion price of $31.25 per share) as provided in the indenture governing the Notes (the "Indenture"). The Notes are convertible upon the occurrence of certain other events specified in the Indenture.
With respect to periods after January 15, 2011, the Company will no longer issue regular press releases announcing that the Notes continue to be nonconvertible. Instead, we will issue a press release only at such time as the Notes are convertible as provided in the Indenture.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,500 employees located in most major business centres in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found at www.fticonsulting.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of federal securities law. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control. Such risks and uncertainties include, but are not limited to, the effect of general economic conditions and other factors listed in the Company's filings with the Securities and Exchange Commission.
SOURCE FTI Consulting