Fluor announces mandatory conversion of series A 6.5% preferreds

By Mary-Katherine Stinson

Lexington, Ky., Sept. 25 – Fluor Corp. announced a full mandatory conversion of its series A 6.5% cumulative perpetual convertible preferred stock, according to press release.

All the outstanding shares will automatically convert to shares of the company’s common stock on Sept. 27, the mandatory conversion date.

For each share of preferred stock, holders will receive 44.9585 shares of common stock plus a cash payment totaling $45.23, the mandatory conversion make-whole amount.

Fractional shares of common stock will be rounded up to the nearest whole share.

All dividends on the preferred stock will cease to accumulate on the mandatory conversion date, and no payment or adjustment will be made for accumulated dividends since the last record date.

Fluor is an Irving, Tex.-based global engineering, construction and maintenance company.

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