Western Gas Resources calls remaining $2.625 convertible preferreds

New York, March 16 - Western Gas Resources, Inc. said it will redeem its remaining shares of $2.625 cumulative convertible preferred stock on April 20.

Holders will receive $50.00 per share plus accrued dividends up to but excluding the redemption date for a total of $50.467.

Up to the close of business on April 19, owners of the preferreds can convert them to common stock at a price of $39.75 per share. Western Gas' stock closed at $50.23 Tuesday.

As of March 12, there were 1.248 million shares of the preferreds outstanding. If none are converted, the Denver natural gas exploration, production and transportation company will pay $62.4 million.

Western Gas has redeemed the issue of its $2.625 convertible preferreds in stages. In December it called 800,000 shares of which 786,751 shares were converted ahead of the redemption.

And it called 700,000 shares in November.

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