LEGGETT & PLATT TO REDEEM CONVERTIBLE DEBENTURES
LEGGETT & PLATT TO REDEEM CONVERTIBLE DEBENTURES CARTHAGE, Mo., Feb. 24 /PRNewswire/ -- Leggett & Platt Inc.
(NYSE: LEG) announced today it is calling for redemption all of its 6 1/2 percent Convertible Subordinated Debentures, due April 1, 2006. The redemption date is March 31, 1992. Any of these debentures outstanding on the redemption date will be redeemed by the company at 103.25 percent of the principal amount, plus accrued and unpaid interest to the redemption date. The principal amount of debentures currently outstanding is $39,995,000.
The debentures are convertible into shares of Leggett & Platt common stock on or before the redemption date at a conversion price of $37.50 per share. On Friday, Feb. 21, Leggett & Platt common stock closed at $47.00 per share. A cash dividend of 22 cents per share has been declared and is payable to holders of record of Leggett & Platt common stock on Feb. 28, 1992. This dividend will be paid on common stock attributable to Debentures received for conversion by the Conversion Agent on or before Feb. 28, 1992. Notices of redemption will be sent to the holders of debentures by The Chase Manhattan Bank, N.A., trustee. The paying agent and conversion agent is The Chase Manhattan Bank (National Association). Their address is: By Mail: By Hand: The Chase Manhattan Bank, N.A. The Chase Manhattan Bank, N.A. Corporate Bond Redemptions Institutional Trust Group Window 1 New York Plaza 1 Chase Manhattan Plaza Box 2020 Floor 1B New York, NY 10081 New York, NY Headquartered in Carthage, Leggett & Platt is a Fortune 500 company that specializes in manufacturing and marketing a broad line of components used by companies making furniture and bedding for homes, offices and institutions. Other home furnishings products include select lines of finished furniture and carpet cushioning materials. A variety of diversified products are also produced and sold in several different markets unrelated to the home furnishings industry. The company's common stock is listed on The New York and Pacific Stock Exchanges. -0- 2/24/92 /CONTACT: J. Richard Calhoon of Leggett & Platt, 417-358-8131/ (LEG) CO: Leggett & Platt ST: Missouri IN: SU:
MC -- DV001 -- 1891 02/24/92 12:16 EST
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|Date:||Feb 24, 1992|
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