Security Information | ||||||||
Company name |
Trinity Industries | |||||||
Security |
Convertible Subordinated Notes due 2036 | |||||||
Registration format |
SEC Registered | |||||||
CUSIP |
896522 AF 6 | |||||||
Ranking |
Subordinated | |||||||
Credit rating |
B+ / Ba3 | |||||||
Common stock ticker |
NYSE / TRN |
Size | ||||||||
Bonds | Proceeds | |||||||
Base deal |
450,000 | $ | 450,000,000 | |||||
Over-allotment option |
50,000 | $ | 50,000,000 | |||||
Total |
500,000 | $ | 500,000,000 |
Terms | ||||||||
Par amount per bond |
$ | 1,000 | ||||||
Issue price |
$ | 1,000 | ||||||
Coupon |
3.875 | % | ||||||
Contingent interest |
0.375% per period | |||||||
Conversion premium |
35.000 | % | ||||||
Last sale of common |
$ | 58.03 | ||||||
Conversion price |
$ | 78.34 | ||||||
Conversion ratio |
12.7648 | |||||||
Contingent conversion threshold |
130 | % | ||||||
Contingent conversion price |
$ | 101.84 |
Dates | ||||||||
Trade Date |
06/01/06 | |||||||
Settlement Date |
06/07/06 | |||||||
Maturity |
30 Years | |||||||
Maturity Date |
06/01/36 | |||||||
Coupon Payment Dates |
06/01, 12/01 | |||||||
First Coupon Date |
12/01/06 |
Call Schedule | ||||||||
First call date |
Call Price | |||||||
06/01/18 |
$ | 1,000.00 |
Put Schedule | ||||||||
Put schedule |
Put Price | |||||||
06/01/18 |
$ | 1,000.00 |
Underwriting | Economics | |||||||
Bookrunner |
J.P. Morgan Securities Inc. | 60.267 | % | |||||
Banc of America Securities LLC | 17.778 | % | ||||||
Wachovia Capital Markets, LLC | 17.778 | % | ||||||
Co-manager |
Greenwich Capital Markets, Inc | 1.896 | % | |||||
Dresdner Kleinwort Wasserstein Securities LLC | 1.007 | % | ||||||
BNP Paribas Securities Corp. | 0.919 | % | ||||||
Amegy Bank National Association | 0.356 | % |
Economics Breakdown | ||||||||
Gross Spread (per bond) |
$ | 18.750 | 1.875% | |||||
Management (per bond) |
$ | 3.750 | 20% (of gross spread) | |||||
Underwriting (per bond) |
$ | 3.750 | 20% (of gross spread) | |||||
Selling Concession (per bond) |
$ | 11.250 | 60% (of gross spread) |
Assumptions | ||||||||
Stock price at issue |
$ | 58.03 | ||||||
Conversion premium |
35.00 | % | ||||||
Conversion price |
$ | 78.34 | ||||||
Face value |
$ | 1,000.00 | ||||||
Conversion ratio |
12.7648 |
Effective date | $58.03 | $60.00 | $70.00 | $80.00 | $90.00 | $100.00 | $110.00 | $120.00 | $130.00 | $140.00 | $150.00 | $160.00 | $170.00 | $180.00 | ||||||||||||||||||||||||||||||||||||||||||
6/7/2006 |
4.4677 | 4.6307 | 3.5911 | 2.8558 | 2.3141 | 1.9022 | 1.5809 | 1.3253 | 1.1184 | 0.9487 | 0.8077 | 0.6896 | 0.5897 | 0.5047 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2007 |
4.4677 | 4.6031 | 3.5529 | 2.8143 | 2.2728 | 1.8630 | 1.5446 | 1.2921 | 1.0884 | 0.9216 | 0.7834 | 0.6679 | 0.5703 | 0.4874 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2008 |
4.4677 | 4.5734 | 3.5102 | 2.7673 | 2.2260 | 1.8185 | 1.5035 | 1.2547 | 1.0546 | 0.8914 | 0.7565 | 0.6439 | 0.5491 | 0.4687 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2009 |
4.4677 | 4.5639 | 3.4768 | 2.7235 | 2.1788 | 1.7716 | 1.4587 | 1.2131 | 1.0165 | 0.8568 | 0.7253 | 0.6159 | 0.5241 | 0.4464 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2010 |
4.4677 | 4.5425 | 3.4284 | 2.6637 | 2.1160 | 1.7101 | 1.4008 | 1.1597 | 0.9679 | 0.8130 | 0.6861 | 0.5809 | 0.4929 | 0.4187 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2011 |
4.4677 | 4.5035 | 3.3588 | 2.5820 | 2.0322 | 1.6292 | 1.3254 | 1.0906 | 0.9055 | 0.7571 | 0.6362 | 0.5366 | 0.4536 | 0.3839 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2012 |
4.4677 | 4.4502 | 3.2687 | 2.4783 | 1.9270 | 1.5288 | 1.2326 | 1.0067 | 0.8305 | 0.6906 | 0.5776 | 0.4851 | 0.4086 | 0.3446 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2013 |
4.4677 | 4.3747 | 3.1482 | 2.3419 | 1.7902 | 1.3994 | 1.1141 | 0.9003 | 0.7362 | 0.6075 | 0.5049 | 0.4218 | 0.3535 | 0.2967 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2014 |
4.4677 | 4.2824 | 2.9957 | 2.1681 | 1.6161 | 1.2357 | 0.9655 | 0.7681 | 0.6202 | 0.5066 | 0.4176 | 0.3464 | 0.2886 | 0.2410 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2015 |
4.4677 | 4.1633 | 2.7930 | 1.9361 | 1.3851 | 1.0208 | 0.7732 | 0.5998 | 0.4749 | 0.3823 | 0.3117 | 0.2565 | 0.2124 | 0.1764 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2016 |
4.4677 | 4.0128 | 2.5151 | 1.6145 | 1.0683 | 0.7327 | 0.5222 | 0.3865 | 0.2961 | 0.2335 | 0.1882 | 0.1541 | 0.1275 | 0.1059 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2017 |
4.4677 | 3.8633 | 2.1239 | 1.1363 | 0.6051 | 0.3317 | 0.1945 | 0.1258 | 0.0899 | 0.0696 | 0.0567 | 0.0474 | 0.0401 | 0.0338 | ||||||||||||||||||||||||||||||||||||||||||
6/1/2018 |
4.4677 | 3.9079 | 1.5260 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| If the stock price is less than $58.03 per share (subject to adjustment), no additional shares will be issued upon conversion. | |
| If the stock price is greater than $180.00 per share (subject to adjustment), no additional shares will be issued upon conversion. | |
| Conversion rate cap of 17.2325 (subject to adjustment) for Fundamental Change and cash dividend adjustments. |