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Fleetwood says nearly all trust preferreds converted ahead of call
New York, April 30 - Fleetwood Enterprises Inc. said "substantially" all its $150 million of 9.5% convertible trust III preferred securities were exchanged for stock ahead of the redemption.
The Riverside, Calif., recreational vehicle manufacturer issued a total of 14.47 million shares for the securities.
The conversion ratio was 4.826255 shares per $50 liquidation amount.
Fleetwood carried out the redemption in two stages, $50 million on April 8 and $100 million on April 29.
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