Printer Friendly

DEL WEBB CORPORATION CALLS FOR REDEMPTION OF ALL OF ITS 10-3/8 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2009

 DEL WEBB CORPORATION CALLS FOR REDEMPTION OF ALL OF ITS
 10-3/8 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2009
 PHOENIX, May 4 /PRNewswire/ -- Del Webb Corporation (NYSE: WBB) today called for redemption, on June 1, 1992 (the "Redemption Date"), all of its $48,607,000 in principal amount of outstanding 10-3/8 percent Convertible Subordinated Debentures due 2009 (the "Debentures") at a price of $1,069.17 for each $1,000 principal amount of Debentures. Holders of record of Debentures at the close of business on May 15, 1992, will be entitled to interest accrued to June 1, 1992 ($51.875 per $1,000 principal amount of Debentures). No interest will be paid on Debentures converted on or prior to May 15, 1992 and interest will cease to accrue on the Debentures on June 1, 1992. Holders of Debentures who convert them on or before May 11, 1992, but not thereafter, and who are shareholders of record on May 11, 1992, will be entitled to a dividend of $.05 per share (approximately $3.33 per $1,000 in principal amount of Debentures) payable on June 5, 1992.
 Prior to 5:00 p.m. Eastern Daylight Time on June 1, 1992, time being of the essence, the Debentures may be converted into shares of the Company's Common Stock at the rate of 66.67 shares of Common Stock for each $1,000 principal amount of Debentures (a conversion price of $15 per share), provided that cash will be paid for fractional shares.
 The last reported sales price of the Common Stock as reported on the New York Stock Exchange Composite Transactions on April 30, 1992, was $20.875 per share. Based on that price, any holder of $1,000 principal amount of Debentures who converted the Debenture on April 30, 1992, would have received Common Stock having a market value (including cash to be paid for fractional share, but without giving effect to commissions and other costs which would likely be incurred on sale and excluding any dividends or interest which may be received), of $1,391.74.
 The formal Notice of Redemption has been sent by mail on May 1, 1992. In connection with the redemption of the Debentures, the Company has made arrangements with Montgomery Securities pursuant to which Montgomery Securities has agreed, subject to certain conditions, to purchase from the Company on the Redemption Date the number of shares of Common Stock which would have been issued on conversion of Debentures not surrendered for conversion plus the number of shares necessary to provide funds to pay cash in lieu of fractional shares. Montgomery Securities may also purchase Debentures in the open market prior to the Redemption Date and, on or prior to the Redemption Date, will convert into Common Stock all Debentures which it owns.
 Del Webb Corporation is one of the nation's leading developers of age-restricted active adult communities, with projects in the Phoenix, Tucson, Las Vegas and Palm Springs metropolitan areas.
 This announcement is neither an offer to sell nor a solicitation of an offer to buy any Debentures or Common Stock of the Company. Any shares of Common Stock purchased by Montgomery Securities pursuant to the arrangements described above will be resold only by the Prospectus.
 -0- 5/4/92
 /CONTACT: Donald Mickus, 602-468-6740, or Ken Plonski, 602-468-6871, both of Del Webb/
 (WBB) CO: Del Webb Corporation ST: Arizona IN: SU:


CH -- SD002 -- 5980 05/04/92 11:25 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1992
Words:574
Previous Article:AMERICAN REALTY TRUST REPORTS YEAR END RESULTS
Next Article:/C O R R E C T I O N -- U.S. BIOSCIENCE/


Related Articles
OAKWOOD HOMES TO REDEEM ISSUE OF CONVERTIBLE DEBENTURES
QUANEX ANNOUNCES DATE OF PARTIAL REDEMPTION FOR 9-1/8 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES
QUANEX SAYS CONVERSIONS OF 9-1/8 PERCENT CONVERTIBLE DEBENTURES INTO COMMON STOCK CONTINUE TO REDUCE DEBT
PHM UNIT CALLS DEBENTURES FOR REDEMPTION
ENSERCH TO REDEEM DEBENTURES
QUANEX INTENDS TO CALL 9-1/8 PERCENT CONVERTIBLE DEBENTURES FOR REDEMPTION UPON COMPLETION OF PREVIOUSLY ANNOUNCED SECURITIES OFFERING
DEL WEBB SUCCESSFULLY COMPLETES CONVERSION OF DEBT TO EQUITY
ENSERCH TO REDEEM DEBENTURES
QUANEX ANNOUNCES REDEMPTION OF REMAINING 9-1/8 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES
DEL WEBB CORPORATION COMPLETES OFFER OF $100,000,000 OF SENIOR SUBORDINATED NOTES

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters