Actuant Corporation (NYSE:ATU) today announced that its Senior Subordinated Convertible Notes due 2023 (CUSIP No. 00508XAB0) (the "Notes") will accrue contingent interest for the period May 16, 2011 to November 15, 2011. The amount of contingent interest payable for the six month period will equal 0.25% of the average trading price of the Notes for the five trading days ending on May 13, 2011. The Company has determined the amount of contingent interest for the six month interest period to be approximately $3.36 per $1,000 principal amount of Notes. This would equate to a total effective interest rate of approximately 2.672% on the Notes for the applicable six month period. Contingent interest will be payable to holders of the Notes as of the record date of November 1, 2011, with such payment to be made on November 15, 2011. Contingent interest will not be payable with respect to any Note converted prior to the November 15, 2011 interest payment date.
Actuant Corporation is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic and electrical tools and supplies; specialized products and services for energy markets and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its businesses, visit the Company's website at www.actuant.com.
Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Actuant’s results are also subject to general economic conditions, variation in demand from customers, the impact of geopolitical activity on the economy, continued market acceptance of the Company’s new product introductions, the successful integration of acquisitions, restructuring, operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors. Actuant disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.