GCI lifts dividend to 7% on series A preferreds for reincorporation

By Susanna Moon

Chicago, May 11 – GCI Liberty, Inc. said the dividend rate on its series A cumulative redeemable preferred stock will increase to 7% from 5% after its reincorporation on Thursday.

The dividend rate hike is effective after the next dividend payment date on July 15.

GCI completed its reincorporation in the state of Delaware by merging into a direct and wholly owned Delaware subsidiary, according to a company announcement Thursday.

At the time of the reincorporation, each share of GCI Liberty class A common stock converted into one share of series A common stock of the surviving Delaware corporation; each share of GCI Liberty class B common stock converted into one share of series B common stock of the surviving Delaware corporation; and each share of GCI Liberty series A cumulative redeemable preferred stock converted into one share of series A cumulative redeemable preferred stock of the surviving Delaware corporation.

After the reincorporation, former holders of class A common stock, class B common stock and series A cumulative redeemable preferred stock of GCI Liberty own the same number of shares of series A and series B common stock and series A preferred stock, respectively, in the surviving Delaware corporation as they owned in the Alaska corporation prior to completion of the reincorporation.

GCI Liberty is an Anchorage-based communications provider in Alaska. Liberty Interactive is an Englewood, Colo., owner of interests in digital commerce businesses.

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