wsj_0541.xml
WSJ891030-0160
WSJ891030-0160
=
891030
=
891030
891030-0160
.
891030-0160
.
Automatic
Data
Processing
Automatic
Data
Processing
10/30/89
10/30/89
10/30/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
AUD
AUD
BUYBACKS
,
REDEMPTIONS
,
SWAP
OFFERS
(
BBK
)
BUYBACKS
,
REDEMPTIONS
,
SWAP
OFFERS
(
BBK
)
ROSELAND
,
N.J.
ROSELAND
,
N.J.
Automatic
Data
Processing
Inc.
plans
to
redeem
on
Nov.
16
its
$
150
million
of
6.5
%
convertible
subordinated
debentures
due
March
1
,
2011
.
The
computing-services
concern
will
pay
$
1,059.04
for
each
$
1,000
face
amount
of
debt
.
The
conversion
price
for
the
debentures
is
$
41.725
a
share
.
In
New
York
Stock
Exchange
composite
trading
Friday
,
Automatic
Data
closed
at
$
46.50
a
share
,
down
$
2.25
.
If
all
the
debt
is
converted
to
common
,
Automatic
Data
will
issue
about
3.6
million
shares
;
last
Monday
,
the
company
had
nearly
73
million
shares
outstanding
.
Automatic
Data
is
redeeming
the
bonds
because
the
after-tax
cost
of
the
interest
on
the
bonds
is
higher
than
the
dividend
yield
on
the
common
,
a
spokesman
said
.