Catellus Announces Call for Full Redemption of Remainder of its Series B Preferred Stock.SAN FRANCISCO--(BUSINESS WIRE)--May 1, 1997--Catellus Development Corporation (NYSE NYSE See: New York Stock Exchange :CDX CDX Companion Dog Excellent (AKC Obedience Title) CDX Cyber-Defense Exercise CDX Central Data Exchange CDX Community Development Exchange (UK community development organization) CDX Commercial Data Exchange ) announced today a call for full redemption of the remaining 1.52 million outstanding shares of its unlisted $3.625 Series B Cumulative Convertible Exchangeable Preferred Stock Convertible exchangeable preferred stock Convertible preferred stock that may be exchanged, at the issuer's option, into convertible bonds that have the same conversion features as the convertible preferred stock. (issued October 28, 1993 in a private placement). The date fixed for the full redemption is June 19, 1997. The 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. will be $52.5375 per share of Series B 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. plus accrued and unpaid dividends to the redemption date. The record date for the call for redemption will be May 15, 1997. The Series B Preferred Stock is convertible at the option of the holder, at any time from the date of issuance, into common stock, par value $.01 per share, of the Company at the rate of 5.1020 shares of Common Stock for each share of Series B Preferred Stock (equivalent to a conversion price of $9.80 per share of Common Stock based on the liquidation value of $50 per share of Preferred Stock or an effective price of $10.30 per share of Common Stock based on the redemption price of $52.5375 per share of Preferred Stock). The right to convert the remaining outstanding shares of the Series B Preferred Stock will terminate at the close of business on the day preceding the redemption date, Wednesday, June 18, 1997. The Company has appointed as its redemption and conversion agent for both the Series B Preferred stock, First Chicago Trust Company of New York, 14 Wall Street, 8th floor, Suite 4680, New York, NY 10007. Holders of the Series B Preferred Stock will be notified by First Chicago Trust Company of New York regarding redemption and/or conversion procedures. Catellus Development Corporation Catellus Development Corporation is a real estate landowner that was spun off of the real estate holdings of Santa Fe and Southern Pacific Railroad. They are one of the largest landowners in California. is a diversified real estate operating company that owns, manages and develops real estate for its own account and others. On December 31, 1996, the Company's portfolio included 16.5 million square feet of income-producing properties, 5,400 acres of land leases, 837,000 acres of land, interests in nine commercial joint ventures and three residential joint ventures. CONTACT: Catellus Development Corporation Jennifer K. Ruddock rud·dock n. Chiefly British An Old World robin (Erithacus rubecula) having olive-brown upper plumage and a conspicuous orange breast. , 415/974-4649 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion