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STERLING SOFTWARE REDEEMS ITS $7.20 EXCHANGEABLE PREFERRED STOCK

    STERLING SOFTWARE REDEEMS ITS $7.20 EXCHANGEABLE PREFERRED STOCK
    DALLAS, Nov. 4 /PRNewswire/ -- Sterling Software, Inc. (NYSE: SSW) today announced the final results of its exchange offer of 3.75 shares of its common stock for each share of its $7.20 exchangeable preferred stock which was completed on Oct. 18, 1991.  A total of 414,152 shares of preferred stock, or approximately 92 percent of the total outstanding were tendered for exchange, resulting in the issuance of 1,553,070 shares of common stock.  Sterling now has approximately 8,126,075 shares of common stock outstanding.
    Sterling also announced that the remaining 36,686 shares of $7.20 exchangeable preferred stock outstanding have been called for redemption effective Dec. 4, 1991.  Preferred shareholders will receive the redemption price of $50.16 per share plus $0.36 for accrued and unpaid dividends from Nov. 16, 1991 to Dec. 4, 1991.  All rights with respect to the $7.20 exchangeable preferred stock shall cease on Dec. 4, 1991 and no dividends or interest shall accrue from and after that date. This redemption has no effect on the previously announced regular quarterly dividend of $1.80 payable on Nov. 15, 1991 to holders of record of preferred stock on Nov. 1, 1991.
    Shareholders will receive a letter of transmittal with instructions to redeem preferred shares.  Payment will be made by BancBoston Trust Company of New York.  Sterling's total cash payment to redeem the remaining preferred shares will be approximately $1.85 million.  As a result of the exchange offer and the redemption, Sterling will eliminate approximately $3.25 million in preferred dividend payments per year.
    Sterling Software, headquartered in Dallas, specializes in EDI, systems software, and in professional services to the U.S. government.
    -0-         11/4/91
    /CONTACT:  Betty Feezor of Sterling Software, 214-891-8600/
    (SSW) CO:  Sterling Software Inc. ST:  Texas IN:  CPR SU: SM -- NY027 -- 0644 11/04/91 10:27 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 4, 1991
Words:322
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