American Homes 4 Rent to convert series A, B participating preferreds

By Wendy Van Sickle

Columbus, Ohio, Sept. 27 – American Homes 4 Rent will convert all 5.06 million shares of its 5% series A participating preferred stock and all 4.4 million shares of its 5% series B participating preferred stock into the company's class A common shares on Oct. 3, according to a press release.

The series A preferreds will be converted into 6,631,716 class A shares, and the series B preferreds will be converted into 5,766,709 class A shares, in each case amounting to 1.3106 class A shares per preferred share.

The preferreds will be converted at a conversion ratio per share equal to the sum of $25.00 plus $3.96 plus accrued dividends, all divided by $22.0995, the one-day volume-weighted average price of the class A shares on the New York Stock Exchange on Sept. 27.

American Homes is an Agoura Hills, Calif.-based real estate investment trust.

© 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.