Johnson Controls says convertible notes exchange offer expires

Johnson Controls notes exchange offer expires

MILWAUKEE — Johnson Controls Inc. said Friday that its convertible notes exchange offer has expired.

About $400.4 million of the convertible senior notes due 2012 were tendered as of Thursday and were accepted by the maker of automotive and building systems in exchange for approximately $61.2 million in cash and about 35.8 million shares of common stock.

Johnson Controls said about 99.5 percent of the outstanding notes were tendered in the offer. Approximately $2.1 million of the notes will remain outstanding after the offer.

The company’s stock added 5 cents to $27.52 in afternoon trading.