Fleetwood sets conversion price for trust preferreds offered in exchange

New York, Dec. 31 - Fleetwood Enterprises, Inc. announced the conversion price for the trust preferred securities it is offering in its exchange will be $12.56, a 15% premium to the daily volume-weighted average of the company's stock for the five trading days ending Dec. 27.

The Riverside, Calif. recreational vehicle and mobile home company is offering to exchange the new securities for up to $37.95 million liquidation amount of its Fleetwood Capital Trust II's existing 9.5% convertible trust preferred securities due Feb. 15, 2013 and $86.25 million liquidation amount of Fleetwood Capital Trust's existing 6% convertible trust preferred securities due Feb. 15, 2028.

The offer expires at 5.00 p.m. ET on Jan. 4, 2002 unless extended.

Earlier in December, Fleetwood issued $150 million of new convertible trust preferred securities for cash with a yield of 9.5% and an initial conversion premium of 15%. The offering was substantially increased in size from the $50 million planned.

The exchange offer convertibles will be sold through a different financing vehicle, have a different conversion price and a liquidation amount of $22 instead of $50 but otherwise are identical to the newly issued securities.

End

© 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.