CP&L plans to redeem serial preferred stocks.RALEIGH, N.C.--(BUSINESS WIRE)--May 7, 1997--Carolina Power & Light Company (NYSE NYSE See: New York Stock Exchange :CPL) plans to redeem on July 1, 1997, all 500,000 shares of its Serial 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. $7.72 Series and all 350,000 shares of its Serial Preferred Stock $7.95 Series. CP&L will pay each holder of shares of these two series of serial preferred stock the stated 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 $101 per share. Dividends on the serial preferred stock shall cease to accrue on the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. . The usual quarterly dividends on the serial preferred stock will be paid in the regular manner July 1, 1997, to shareholders of record as of June 18, 1997. CONTACT: Carolina Power & Light Mike Hughes, 919/546-6189 |
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