Colonial Commercial extends tender offer for convertible preferreds

By Devika Patel

Knoxville, Tenn., Sept. 23 - Colonial Commercial Corp. said it extended its tender offer for its 447,891 shares of convertible preferred stock to midnight ET on Oct. 6 from midnight ET on Sept. 22.

As of Sept. 22, 142,604 preferreds have been tendered.

As previously reported on Aug. 21, the company announced the offer for any and all of its preferreds for $1.25 each, without interest. Plans for the offer were first announced July 9.

The company previously said 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 preferreds.

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.

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.

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