Catellus Announces Results of its Partial Call for Redemption.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 3, 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 the results of the call for partial redemption Partial Redemption An investment-transaction classification that refers to the withdrawal of a portion of a security's value by the owner. Rather than withdrawing the entire amount of his or her security's value from the account, an investor may prefer to keep a portion of the of its Series A 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. . A total of 471,730 shares (99%) of the 475,000 shares called for redemption were converted into 2,603,168 shares of Common Stock. The remaining shares were redeemed for $52.625 per share plus accrued dividends, which resulted in payments by the Company totaling approximately $175,000. "We are extremely pleased with the results of our second call on the Series A Preferred," stated Nelson C. Rising, President and Chief Executive Officer. "The two partial calls have resulted in a total reduction of the company's preferred dividend requirement of $5.3 million per year, and an increase in equity applicable to common shareholders of $44.4 million." As of December 31, 1996, Catellus had 77.0 million common shares outstanding. With conversion of the Series A Preferred shares, the number of outstanding common shares will increase to 79.6 million. The number of fully diluted shares now stands at 106.0 million. 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, 5,300 acres of land leases, 837,000 acres of land, interests in nine commercial joint ventures and interests in 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 |
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