Short Answer
Miller Corp. reported the following in its 2016 10K report:
In September 2012, the Company sold $330,000,000 of its 4.75% variable interest senior convertible debentures due 2032 in a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933…The debentures are convertible into the Company's common stock at the holder's option. The conversion price at December 31, 2016 was $32.00 per share (31.25 shares of common stock per $1,000 principal amount of the note), is subject to adjustment for various events, including the issuance of stock dividends.
The company's December 31, 2016, balance sheet reports the following:
If all of the convertible debentures were converted to common stock on January 1, 2017, what would the common stock and additional paid-in capital account totals be?
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The debentures total $330,000,000. At a ...View Answer
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