Penford announces $20 million redemption of series A 15% preferreds

By Ashley Montgomery

Kansas City, Kan., May 10 - Penford Corp. has redeemed $16.5 million of its series A 15% cumulative non-voting non-convertible preferred stock, according to a news release.

The preferreds were redeemed at par plus $3.5 million of dividends for a total price of $20 million.

The transaction was effective April 27. The preferreds were held by Zell Credit Opportunities Master Fund, LP.

The company said it financed the redemption with a draw on its revolving credit facility.

Penford is a Centennial, Colo.-based developer, manufacturer and marketer of specialty ingredients for industrial and food applications.

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