| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Fleetwood Enterprises, Inc. > News item |
Fleetwood to pay Dec. 15 put option for 5% convertibles in stock
By Angela McDaniels
Tacoma, Wash., Nov. 6 - Fleetwood Enterprises, Inc. has exercised its option to pay the Dec. 15 put option for its $100 million 5% convertible senior subordinated debentures due 2023 in shares of common stock.
For each $1,000 principal amount of convertibles, holders who put will receive a number of shares equal to the quotient of $1,000 divided by 95% of the market price of one share. The market price will be the average of the volume-weighted average prices of the common stock for each of the 20 trading days beginning on Nov. 14 and ending on Dec. 12.
Holders will also receive accrued interest up to but excluding Dec. 15 in the amount of $25 per $1,000 principal amount, according to a company news release.
Alternatively, holders may participate in Fleetwood's previously announced exchange offer, under which the company has offered holders a combination of new senior secured notes due 2011 with a coupon of at least 12% plus shares of common stock. The new notes will be guaranteed by some Fleetwood subsidiaries.
The exchange offer expires at 5 p.m. ET on Dec. 5.
In order to put convertibles for repurchase, a repurchase notice must be returned to Bank of New York Mellon Trust Co., NA, as paying agent, by 5 p.m. ET on Dec. 15.
Investors who hold their convertibles through Depository Trust Co. should comply with the automated tender offer program procedures of Depository Trust, the release noted.
MacKenzie Partners, Inc. (800 322-2885) is the information agent.
Fleetwood is based in Riverside, Calif., and produces recreational vehicles and manufactured homes through its subsidiaries.
© 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.