American Municipal Term Trust to Redeem Preferred Stock.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Sept. 12, 2000 First American Asset Management announced on September 7, that American Municipal Term Trust Inc. (NYSE NYSE See: New York Stock Exchange : AXT AXT Alternating Exotropia ) will redeem shares of the Remarketed Preferred Stock remarketed preferred stock A type of preferred stock in which the dividend rate is determined periodically by a remarketing agent. The agent resets the dividend rate so that the preferred stock can be tendered at par or resold at the original offering price. (preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ) in preparation for the anticipated termination and liquidation of AXT on April 15, 2001. On October 12, 2000, AXT will redeem 700 shares of preferred stock at a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $25,000 per share plus accumulated, but unpaid, dividends to October 12, 2000. Beneficial owners of shares to be redeemed will be notified by the paying agent. Based in Minneapolis, First American Asset Management provides investment management services to 38 open-end funds and 11 closed-end funds, as well as to individuals and institutions, including corporations, foundations, pension funds, public funds, and retirement plans. First American Asset Management, a part of U.S. Bancorp, manages more than $79 billion in total assets. Minneapolis-based U.S. Bancorp, the 10th largest financial services holding company in the U.S., is a leading provider of comprehensive banking, trust, investment, and payment systems products and services. |
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