Callaway to redeem outstanding 7.5% perpetual convertible preferreds

By Susanna Moon

Chicago, Oct. 28 - Callaway Golf Co. said it plans to redeem all outstanding shares of its 7.5% series B cumulative perpetual convertible preferred stock.

The redemption date will be Nov. 13, according to a company press release.

"Retiring our preferred stock has been a priority for us and at this point only 183,796 shares remain outstanding," Brad Holiday, the company's senior executive vice president and chief financial officer, said in the press release.

"Fortunately, our turnaround is proceeding well and we are now in a good position to retire the balance."

Callaway manufactures and sells golf clubs and golf balls. The company is based in Carlsbad, Calif.

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