Sequa calls all convertible preferreds

By Jennifer Chiou

New York, March 13 - Sequa Corp. announced the April 14 redemption of all 351,140 shares of its $5.00 cumulative convertible preferred stock.

The New York-based industrial company will redeem the shares at $100.00 each plus $1.01 in accrued dividends to the redemption date.

Sequa said shareholders may convert their securities until 5 p.m. ET on April 3 into 1.322 shares of class A common stock for each preferred. The class A shares closed at a new high of $98.46 on Monday.

The Bank of New York is the redemption/conversion agent (800 507-9357).

Sequa is focused on jet engine components, the automotive industry and the coil coating and industrial machinery markets.

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