Textron plans redemption of series A, series B convertible preferreds

By Devika Patel

Knoxville, Tenn., Dec. 3 - Textron Inc. said it will redeem all of its $2.08 series A cumulative convertible preferred stock and its $1.40 series B convertible preferred dividend stock on Jan. 13.

There are approximately 66,800 outstanding series A preferreds and approximately 33,900 series B preferreds outstanding.

Each series A preferred will be redeemed for cash at $50.00 per preferred, and each series B preferred will be redeemed for cash at $45.00 per preferred, plus, in each case, accrued dividends up to the redemption date.

Both series of preferreds remain convertible until the close of business on Dec. 29. The series A preferred may be converted into 8.8 common shares, and the series B preferred may be converted into 7.2 shares. Holders who convert their preferreds after Dec. 11, the record date for Textron's quarterly dividend payments, will be entitled to receive the quarterly preferred stock dividend and the quarterly common stock dividend on the converted common shares on Jan. 1.

American Stock Transfer and Trust Co. is the paying agent for the redemptions.

Textron is an aircraft, industrial and finance company based in Providence, R.I.

© 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.