Colonial Commercial starts tender offer for convertible preferreds

By Jennifer Chiou

New York, Aug. 21 - Colonial Commercial Corp. announced the launch of a tender offer for any and all of its 447,891 shares of convertible preferred stock for $1.25 each, without interest.

The company noted that because its directors and executive officers have indicated that they do not intend to tender any preferreds, it expects to be able to purchase a maximum of 356,826 shares of the convertible preferreds.

The offer will expire at midnight ET on Sept. 22.

There is no minimum tender condition for the offer.

The preferreds have a liquidation preference of $5.00 each and are convertible into one common share.

American Stock Transfer and Trust Co. is the depositary. The information agent is MacKenzie Partners, Inc. (800 322-2885).

Hawthorne, N.J.-based Colonial Commercial distributes heating, ventilating and air conditioning equipment parts and accessories. It announced plans for the offer on July 9.

On July 8, the closing price of the company's preferreds was $0.61 apiece. The preferreds closed at $1.20 on July 20, which was the last day the preferreds traded prior to the start of the offer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.