Universal adjusts conversion rate on 6.75% convertible preferreds

By Devika Patel

Knoxville, Tenn., Feb. 5 - Universal Corp. said it adjusted the conversion rate on its 6.75% series B preferred stock to 21.4699 common shares per $1,000 of preferreds, for a conversion price of $46.58 per share.

The adjustment is a result of a quarterly dividend of $16.875 per share on the preferreds, which is payable March 16.

Universal is a Richmond, Va.-based leaf tobacco company.

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