Delta Financial to redeem 10% preferred

New York, April 23 - Delta Financial Corp. said it plans to redeem all of its outstanding series A 10% preferred stock at par on June 14.

Delta, a Woodbury, N.Y.-based specialty consumer finance company focusing on non-conforming mortgage loans, said that the total redemption price will be about $13.9 million.

The company said that an official notice of redemption will be mailed by Delta's transfer agent to the registered holders of the series A preferred shares.

It said that the shares would be redeemed using cash generated from the company's operations and that the redemption would save Delta about $1.3 million in annual preferred dividend expense.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.