stocks that give the holder the right to exchange them at a fixed price for another security, usually common stock.Example: Preferred stocks and other convertible...
NEW ORLEANS -- McMoRan Exploration Co. (NYSE: MMR) today declares, for the period from April 1, 2007, through June 30, 2007, a cash dividend of $0.3125 per share payable on June 30, 2007, to holders of record as of June 15, 2007, for its 5% convertible preferred stock (OTCBB: MMREP)....
NEW YORK -- Citi announced the pricing for the company's previously disclosed $12.5 billion private offering of depositary shares representing 7% Non-Cumulative Convertible Preferred Stock. The preferred stock will have a conversion price of $31.62.
NEW YORK -- Citi announced today that it has priced a public offering of depositary shares representing 58,000 million shares of 6.5% Series T Non-Cumulative Convertible Preferred Stock with a liquidation preference of $50,000 per share ($50 per depositary share), resulting in an aggregate liquidation preference of $2.9 billion. The...
CHICAGO -- Fitch Ratings has assigned a 'BB' rating to the mandatory convertible non-cumulative preferred stock issued by The South Financial Group, Inc. (Nasdaq: TSFG, 'BBB-/F3', Negative Rating Outlook). The issuance consists of $250 million in series 2008 convertible preferred stock. These preferred shares pay a dividend of 10.00% and...
NEW YORK, June 9 /PRNewswire-FirstCall/ -- Lehman Brothers Holdings Inc. announced today it has priced a $4.0 billion public offering of 143 million shares of common stock at $28.00 per share.
CHICAGO -- Fitch Ratings has assigned a 'BBB-' rating to Schering-Plough Corporation's (Schering-Plough) proposed mandatory convertible preferred stock issuance. The $2.5 billion mandatory convertible preferred stock public offering announced yesterday is mandatorily convertible into common shares on August 13, 2010, unless otherwise converted. Proceeds from the preferred stock offering are...
SEATTLE -- Washington Mutual, Inc. (NYSE:WM), announced today that it has priced a public offering of 3,000,000 shares of 7.75% Series R Non-Cumulative Perpetual Convertible Preferred Stock with a liquidation preference of $1,000 per share, resulting in an aggregate liquidation preference of $3.0 billion. The transaction was increased from its...
OKLAHOMA CITY -- Chesapeake Energy Corporation (NYSE: CHK) today announced the final results of its previously announced offer to exchange 8.0549 shares of its common stock for each outstanding share of its 6.25% Mandatory Convertible Preferred Stock (CUSIP No. 165167818) (the "Preferred Stock"). The exchange offer expired at 12:00 midnight,...
OKLAHOMA CITY -- Chesapeake Energy Corporation (NYSE:CHK) today announced the pricing for its pending offer to exchange shares of its common stock for each outstanding share of its 6.25% Mandatory Convertible Preferred Stock (CUSIP No. 165167818) (the "Preferred Stock").
NEW YORK, June 9 /PRNewswire-FirstCall/ -- Lehman Brothers Holdings Inc. announced today that it intends to raise $6.0 billion through offerings of common stock and Non-Cumulative Mandatory Convertible Preferred Stock.
SAN JUAN, Puerto Rico -- Doral Financial Corporation (NYSE: DRL), a diversified financial services company, today announced that, on December 14, 2007, it paid the quarterly dividend on the Company's 4.75% perpetual cumulative convertible preferred stock, in the amount of $2.96875 per share. The dividend was paid to holders of...
OKLAHOMA CITY -- Chesapeake Energy Corporation (NYSE: CHK) today announced the pricing for its pending offer to exchange shares of its common stock for each outstanding share of its 5.00% Cumulative Convertible Preferred Stock (Series 2005) (CUSIP Nos. 165167867 and 165167859) (the "Preferred Stock").
NEW ORLEANS -- McMoRan Exploration Co. (NYSE: MMR) announced today that it has commenced public offerings of approximately 11 million shares of common stock and 1.5 million shares of mandatory convertible preferred stock. The mandatory convertible preferred stock has an offering price of $100 per share and will be mandatorily...
NEW ORLEANS -- McMoRan Exploration Co. today declares, for the period from November 7, 2007 through February 15, 2008, a cash dividend of $1.8375 per share payable on February 15, 2008 to holders of record as of February 1, 2008 for its 6.75% mandatory convertible preferred stock (NYSE: MMRPrM). This...
NEW ORLEANS -- McMoRan Exploration Co. today declares, for the period from January 1, 2007 through March 31, 2007, a cash dividend of $0.3125 per share payable on March 31, 2007 to holders of record as of March 15, 2007 for its 5% convertible preferred stock (OTCBB: MMREP).
NEW ORLEANS -- McMoRan Exploration Co. today declares, for the period from October 1, 2006 through December 31, 2006, a cash dividend of $0.3125 per share payable on December 31, 2006 to holders of record as of December 15, 2006 for its 5% convertible preferred stock (OTCBB: MMREP).
This paper provides an explanation for the widespread use of senior convertible preferred stock in venture capital financing. One develops a model of cash constrained entrepreneurs who need an investor to finance their project. Investors can either be uninformed, such as small individual bondholders, or informed, such as venture capitalists...
NEW ORLEANS -- McMoRan Exploration Co. today declares, for the period from July 1, 2006 through September 30, 2006, a cash dividend of $0.3125 per share payable on September 30, 2006 to holders of record as of September 15, 2006 for its 5% convertible preferred stock (OTCBB: MMREP).
Wherify Wireless, Inc. (OTCBB: WFYW), a leading developer of wireless location products and services, announced today it has sold approximately $4.6 million of Series A Convertible Preferred Stock pursuant to an existing Option disclosed in the Company's Form 8-Ks filed on February 28, 2007 and on April 12, 2007.
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