Texas Industries calls $60 million of 5.5% preference redeemable securities

By Laura Lutz

Indianapolis, Jan. 23 - Texas Industries, Inc. announced that its subsidiary TXI Capital Trust I plans to redeem $60 million liquidation amount of its 5.5% shared preference redeemable securities on Feb. 22.

Currently, there is $159.7 million liquidation amount of the securities outstanding.

Holders may convert the securities into common shares at 0.97468 shares per $50.00 liquidation amount of securities until 5 p.m. ET on Feb. 21.

Each $50.00 liquidation amount of the securities will be redeemed on Feb. 22 for $50.3896, equal to the liquidation amount plus accrued distributions.

The value of the shares received upon conversion will be greater than the redemption value as long as the company's shares trade above $51.6987. Texas Industries stock closed at $69.47 on Monday.

TXI is a cement producer with headquarters in Dallas.

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