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KCS Energy to redeem convertible preferreds
New York, Sept. 15 - KCS Energy, Inc. said it will redeem its series A convertible preferred stock on Oct. 15.
The Houston independent energy company noted that it is able to call the convertibles if its stock closes above $6.00 per share for 25 out of 30 consecutive trading days - a condition that has now been met.
Holders can convert the securities into stock at a price of $3.00 per share.
KCS Energy stock closed at $7.13 Monday.
As of June 30, KCS Energy had $9.12 million of the convertibles outstanding, according to a filing with the Securities and Exchange Commission.
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