ANN ARBOR, Mich.--(BUSINESS WIRE)--Kaydon Corporation (NYSE:KDN) today announced that it has completed its previously announced redemption of all of its outstanding 4.0% Contingent Convertible Senior Subordinated Notes Due 2023 ("Notes"). In accordance with the conversion provisions of the Notes and the indenture for the Notes, holders of the Notes had the right at any time before 5:00 p.m., New York City time, on September 18, 2008, the second business day prior to the redemption date, to convert their Notes into shares of the Company’s common stock at a conversion rate of 34.2936 common shares per $1,000 principal amount of Notes. Holders of all of the outstanding Notes converted their Notes into an aggregate of 6,858,683 shares of the Company’s common stock prior to expiration of the conversion period. The effect of these shares of common stock issued upon conversion has previously been included in the Company’s share count for the calculation of diluted earnings per share. As a result of the foregoing, as of September 19, 2008, none of the Notes remain outstanding.
