Fleetwood calls remaining 9.5% convertible trust preferreds

New York, March 30 - Fleetwood Enterprises Inc. said it will redeem the remaining 9.5% convertible trust III preferred securities on April 29.

Fleetwood also said that holders of $102 million liquidation amount of the trust III securities have agreed to convert them into common stock in privately negotiated transactions including $33 million that were included in a $50 million call of the securities announced March 10.

Securities included in the initial call will be redeemed on April 8.

Tuesday's announcement covers the remainder of the $150 million issue.

Fleetwood will pay 106.333% of the $50 liquidation amount of each security plus accrued distributions.

Up to 5 p.m. ET on April 28, holders can convert the securities into common stock at the rate of 4.826255 shares per $50 security, equivalent to a conversion price of $10.36. Fleetwood stock closed at $12.43 Tuesday.

Fleetwood is a Riverside, Calif., manufacturer of recreational vehicles and manufactured housing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.