As expected, Unisys Corp has completed the conversion to common stock of all its oustanding 8.25% year 2000 convertible notes (CI No 3,269). The conversion, which is non-dilutive, reduces the company’s debt by $345m and increases shareholders’ equity by the same amount. The company should realize an 11% savings on interest expense to the tune of $28.5m annually, and its debt-to- capital ratio will fall from 60% to 51%. The number of shares of common stock outstanding increases by 33.7 million to $209.5m. Unisys has said it intends to reduce its debt by $1.0bn by 2000.
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