Sequa holder exchanges 91,168 class A shares for 61,600 convertible preferreds

By Jennifer Chiou

New York, June 27 - Sequa Corp. said it issued 91,168 shares of its class A common stock in exchange for 61,600 shares of its $5.00 cumulative convertible preferred stock in response to an unsolicited offer from an investor.

The exchange ratio was 1.48 shares of class A common stock for each share of preferred while the conversion ratio of the convertible preferreds is 1.322 shares of class A common stock per preferred share.

There are now about 350,000 preferred shares outstanding.

New York-based Sequa is an industrial company focusing on jet engine components, the automotive industry and the coil coating and industrial machinery markets.

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