Trinity Capital shaves conversion price of 6% convertibles due 2025

By Wendy Van Sickle

Columbus, Ohio, Dec. 30 – Trinity Capital Inc. adjusted the conversion price of its 6% convertibles due 2025, according to a company news release.

Effective after the close of business on Dec. 31, the conversion rate of the notes will be adjusted to 67.0278 shares of the company’s common stock per $1,000 principal amount of notes, from the prior conversion rate of 66.796 shares of the company’s common stock per $1,000 principal amount of convertible notes. That rate had been in effect since the issuance of the convertible notes on Dec. 11, 2020.

As a result, the conversion price applicable to the convertible notes will be adjusted to $14.92 per share of common stock from $14.97 per share of common stock.

The adjustment is being made as a result of the company’s cash dividend of $0.36 per share, payable on Jan. 14 to stockholders of record as of Dec. 31. The ex-dividend date for such dividend is Dec. 30.

The dividend exceeds the initial dividend threshold of $0.30 per share of common stock set forth in the notes’ second supplemental indenture.

Notice of the conversion rate adjustment will be delivered to the holders of the convertible notes and U.S. Bank NA, as trustee.

Trinity Capital is a Phoenix-based specialty lending company.

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