Texas Industries starts exchange offer for 5.5% preference redeemable securities

By Jennifer Chiou

New York, April 12 - Texas Industries, Inc. announced the launch of an exchange offer and consent solicitation for TXI Capital Trust I's $199,937,200 of 5.5% shared preference redeemable securities due 2028.

At the option of the holder, the securities are convertible any time into TXI stock.

The Dallas-based cement producer is offering 0.97468 TXI shares plus $0.83 divided by the weighted average price of TXI's stock over a 10-day trading period.

The company is seeking consents from at least a majority of securities holders to amend the trust agreement to reduce the amount of notice required to redeem the securities to three business days from 30 calendar days.

The offer expires at midnight ET on May 9.

D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 800 431-9633). J.P. Morgan Trust Co. NA is the exchange agent (800 275-2048).

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