Cowen to mandatorily convert series A preferreds after TD acquisition

By Mary-Katherine Stinson

Lexington, Ky., March 1 – Cowen Inc. announced the mandatory conversion of its 5.625% series A cumulative perpetual convertible preferred stock after Cowen’s acquisition by TD Bank Group, according to a press release.

The conversion will be settled in cash for $1,539.19 per share based on a conversion rate of 39.4664. The conversion date is March 1.

The mandatory conversion will not apply to holders who have elected to voluntarily convert in accordance with certificate of designations.

Settlement is expected for March 6.

Cowen is a New York-based diversified financial services firm. The acquisition of the company closed on Wednesday.

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