Dynegy announces conversion rate for 5.375% convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, Oct. 31 – Dynegy Inc. announced the conversion rate for its 5.375% mandatory convertible preferred shares issued on Oct. 14, 2014, according to a news release.

Holders of preferred stock will receive 3.2258 shares of Dynegy common stock for each preferred share they hold on the mandatory conversion date of Nov, 1, with cash to be paid in lieu of any fractional shares.

The conversion rate is based upon the volume weighted average price per share of the company’s common stock over the 20 consecutive trading day period ended on Oct. 27.

Additionally, each preferred stockholder of record on Oct. 15 will receive the final cash dividend of $1.34375 per share of preferred stock on Nov. 1.

Houston-based Dynegy is a producer and marketer of electric energy.

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