National Beverage board authorizes partial preferred stock redemption

By Jennifer Chiou

New York, May 1 - National Beverage Corp. announced that the special committee of its board of directors approved the redemption of 40% of its series D preferred stock.

The preferreds were privately placed in January 2013.

The company will pay $8 million plus accrued dividends on May 2.

In connection with the redemption, National Beverage negotiated a dividend rate of 2.5% for the next 12 months, a reduction of 1.4% from the rate that would have become effective on May 1.

The U.S. beverage developer, manufacturer and distributor is based in Fort Lauderdale, Fla.

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